NEW YORK, N.Y. – The latest on developments in global financial markets (all times local):
Stocks pulled back moderately in midday trading on Wall Street as investors hit the pause button following a record-setting streak for major U.S. indexes.
Industrial and materials companies had some of the biggest declines Thursday. Of the 10 sectors in the Standard & Poor’s 500 index, only one rose, health care.
Chipmaker Intel sank 4 per cent after reporting a sharp drop in earnings late Wednesday.
Southwest Airlines fell 9 per cent after reporting revenue and earnings growth that fell short of analysts’ expectations.
The Standard & Poor’s 500 index lost 5 points, or 0.2 per cent, to 2,167.
The Dow Jones industrial average slipped 65 points, or 0.4 per cent, to 18,529. The Nasdaq composite declined 9 points, or 0.2 per cent, to 5,081.
Stocks are off to a mixed start on Wall Street as traders absorb the latest corporate deal and earnings news.
Bond yields continued to rise early Thursday, knocking high-dividend stocks such as utilities and phone companies lower. Those sectors have been a favourite of investors this year and have risen far more than the rest of the market.
In earnings news, chipmaker Intel sank 4 per cent after reporting a sharp drop in earnings late Wednesday. Joy Global soared 18 per cent after agreeing to be acquired by the Japanese construction and mining company Komatsu
The Standard & Poor’s 500 index was little changed at 2,173.
The Dow Jones industrial average slipped 25 points, or 0.1 per cent, to 18,568. The Nasdaq composite climbed 9 points, or 0.2 per cent, to 5,099.
Bond prices fell. The yield on the 10-year Treasury note rose to 1.61 per cent.