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Stock Market News: Dow Slips
S&P 500 and Nasdaq Composite close in the red.
Last Updated:
April 17, 2024 at 7:51 PM EDT
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Stocks dropped Wednesday, with the S&P 500 and Nasdaq notching their fourth day of losses.
Technology stocks were particularly hard hit, with chip stocks falling after Dutch company ASML reported first-quarter orders that were below expectations.
Treasury yields pulled back, with the 10-year yield falling to 4.587%.
Earlier, President Joe Biden called for raising tariffs on Chinese steel. Here's why U.S. Steel is still a buy.
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After a one-two punch of rising bond yields and geopolitical worries sent stocks tumbling, the market needed a boost from earnings. It hasn’t happened so far.
The Dow Jones Industrial Average fell about 46 points, or 0.1%, on Wednesday. The S&P 500 was down 0.6%. The Nasdaq Composite was down about 1.2%. The S&P 500 and Nasdaq Composite have fallen in four straight sessions.
The 10-year Treasury yield dropped to 4.587%, but it brought little relief from the market.
AMSL stock tumbled on earnings, bringing down the highflying chip sector with it. Advanced Micro Devices, Applied Materials, Lam Research, KLA, and Nvidia all fell for the day. The iShares Semiconductor ETF dropped 3%.
“The earnings season is off to a somewhat disturbing start, with several companies reporting beats trading down when guidance was more cautious than hoped for,” writes Navellier & Associates founder Louis Navellier.
Results for trucking bellwether J.B. Hunt Transport Services also disappointed, sending shares tumbling.
Attention will turn to results from Taiwan Semiconductor and Netflix on Thursday.
Crude oil futures fall for a third consecutive session, extending the retreat from last week's highs as concerns about Mideast tensions take a back seat and the IEA reports a fourth straight weekly build in U.S. crude oil stocks.
"Amongst all the talk about 'tight markets,' it is possible that storage switches from a storage deficit to a storage surplus in next week's report," Mizuho's Robert Yawger says in a note.
The problem, he adds, is a low refinery run rate that fell for a third week in a row "with the Memorial Day weekend start to summer driving season just six weeks away."
The May WTI contract settles down 3.1% at $82.69 a barrel, and June Brentfalls 3% to $87.29.
U.S. natural gas futures lose ground but settle above the day's lows ahead of the EIA's inventories report that's expected to show a slight reduction in surplus storage versus the five-year average.
Some late-season cold weather heading into the weekend is seen supporting gas use, while lower U.S. production is offset by a decline in LNG feedgas demand.
Gas in underground storage likely increased by 45 billion cubic feet in the week ended April 12, compared with a five-year average build for the week of 61 Bcf, according to a Wall Street Journal survey of analysts.
Natural gas for May delivery settles down 1.2% at $1.712/mmBtu.