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Stocks decline broadly in early trading in US Stocks decline broadly in early trading in US
(35 minutes later)
U.S. stocks edged broadly lower in early trading Wednesday as lower prices for oil and metals weighed on mining and energy companies. Investors were poring over the latest batch of company earnings news, including disappointing results from Nike. U.S. stocks edged broadly lower in morning trading Wednesday as lower prices for oil and metals weighed on energy and mining companies. Investors were poring over the latest batch of company earnings news, including disappointing results from Nike.
KEEPING SCORE: The Dow Jones industrial average fell 18 points, or 0.1 percent, to 17,564 as of 10:16 a.m. Eastern Time. The Standard & Poor’s 500 index lost four points, or 0.2 percent, to 2,044. The Nasdaq composite dropped 3423oints, or 0.5 percent, to 4,797. KEEPING SCORE: The Dow Jones industrial average fell 36 points, or 0.2 percent, to 17,546 as of 11:16 a.m. Eastern Time. The Standard & Poor’s 500 index lost seven points, or 0.4 percent, to 2,042. The Nasdaq composite dropped 33 points, or 0.7 percent, to 4,788.
MINE THIS: Some mining companies were down as metals prices headed lower. Newmont Mining fell $1.85, or 6.8 percent, to $25.54, while Freeport-McMoRan lost 66 cents, or 6 percent, to $10.33. THE QUOTE: Trading has been muted this week ahead of the Easter holiday. Investors also are looking ahead to first-quarter earnings reports, which start to come out in a couple of weeks, noted Bill Northey, chief investment officer at U.S. Bank Private Client Group.
NOT DOING IT: Nike, one of the 30 stocks in the Dow Jones industrial average, slid 4.3 percent after reporting revenue that fell far short of what analysts were expecting and a disappointing outlook for 2016. The athletic apparel maker fell $2.77 to $62.11. “The market is taking a little bit of a ‘now what?’ approach,” Northey said. “We’re going to be trading sideways for a bit of time until we get some market-moving information or change in the trajectory of corporate earnings.”
BUGGED: Red Hat slid 3.6 percent after the software maker delivered disappointing forecasts. The stock fell $2.72 to $72.99. MINE THIS: Some mining companies fell as metals prices headed lower. Newmont Mining fell $2.01, or 7.3 percent, to $25.38, while Freeport-McMoRan lost 89 cents, or 8.1 percent, to $10.10.
PHARMA SUIT: Gilead Sciences fell 2.7 percent after a federal jury in California ruled in favor of rival Merck & Co. in a high-stakes lawsuit over patents for lucrative new drugs that rapidly cure hepatitis C. Gilead shed $2.53 to $91.19. Merck added 30 cents to $53.33. OIL DRAG: Several energy companies tumbled as oil prices veered lower. Chesapeake Energy lost 37 cents, or 7.8 percent, to $4.45, while Devon Energy fell $1.83, or 6.5 percent, to $26.18. Southwestern Energy slid 47 cents, or 5.8 percent, to $7.61.
OVERSEAS: European stocks were mixed following Tuesday’s deadly bombings in Belgium. Germany’s DAX was up 0.3 percent, while France’s CAC 40 was down 0.2 percent. Britain’s FTSE 100 was flat. Belgium’s main index was up 0.3 percent. In Asia, markets mostly fell moderately. Japan’s benchmark Nikkei 225 fell 0.3 percent. South Korea’s Kospi edged 0.1 percent lower. Hong Kong’s Hang Seng fell 0.3 percent. Australia’s S&P/ASX 200 lost 0.5 percent. NOT DOING IT: Nike, one of the 30 stocks in the Dow Jones industrial average, fell 3.6 percent after reporting revenue that fell far short of what analysts were expecting and a disappointing outlook for 2016. The athletic apparel maker fell $2.34 to $62.56.
ENERGY: Benchmark U.S. crude was down $1, or 2.4 percent, to $40.45 a barrel in New York. Brent crude, the benchmark for international oils, was down 78 cents, or 1.9 percent, to $41.01 a barrel in London. BUGGED: Red Hat slid 3.8 percent after the software maker delivered disappointing forecasts. The stock fell $2.84 to $72.87.
BONDS AND CURRENCIES: Bond prices rose. The yield on the 10-year Treasury note fell to 1.92 percent from 1.94 percent late Tuesday. The euro fell slightly to $1.1172 from $ $1.1216, while the dollar rose to 112.81 yen from 112.33 yen. PHARMA SUIT: Gilead Sciences fell 3.5 percent after a federal jury in California ruled in favor of rival Merck & Co. in a high-stakes lawsuit over patents for lucrative new drugs that rapidly cure hepatitis C. Gilead shed $3.32 to $90.40. Merck added 24 cents to $53.28.
HOUSING REPORT: The Commerce Department said that new-home sales rose 2 percent in February to a seasonally adjusted annual rate of 512,000, with all of the increase coming from a surge in purchases in the West. Sales in the opening two months of 2016 are running slightly below last year’s pace. The report did little for homebuilder stocks, which were mostly down along with the broader market.
OVERSEAS: European stocks were mixed following Tuesday’s deadly bombings in Belgium. Germany’s DAX was up 0.2 percent, while France’s CAC 40 was down 0.5 percent. Britain’s FTSE 100 was down 0.2 percent. Belgium’s main index was up 0.3 percent. In Asia, markets mostly fell moderately. Japan’s benchmark Nikkei 225 fell 0.3 percent. South Korea’s Kospi edged 0.1 percent lower. Hong Kong’s Hang Seng fell 0.3 percent. Australia’s S&P/ASX 200 lost 0.5 percent.
ENERGY: Benchmark U.S. crude was down $1.13, or 2.7 percent, to $40.32 a barrel in New York. Brent crude, the benchmark for international oils, was down 73 cents, or 1.7 percent, to $41.06 a barrel in London.
BONDS AND CURRENCIES: Bond prices rose. The yield on the 10-year Treasury note fell to 1.91 percent from 1.94 percent late Tuesday. The euro fell slightly to $1.1179 from $ $1.1216, while the dollar rose to 112.70 yen from 112.33 yen.
Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.Copyright 2016 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.