Dow ends higher, but Treasury yields pressure market
Dow's 6th straight win; best since 9-session stretch in Dec
Uber falls on weak Q2 gross bookings forecast
Intel down after Q2 revenue warning
Utilities index up for 14th session in last 16
Updates to close
By David French
May 8 (Reuters) -The Dow Jones Industrial Average closed higher on Wednesday, stretching its winning streak to six straight, as investors kept betting on supportive U.S. monetary policy.
The other Wall Street benchmarks cooled a touch asmomentum stalled and U.S. Treasury yields rose on the day of a 10-year notes auction. The S&P 500 ended essentially flat after four sessions of gains, and the Nasdaq Composite slipped to a second consecutive decline.
There was not much news to move the indexes, outside of reports from individual companies.
"We're just waiting for the next catalyst to jump-start the direction in the market, and we're probably going to get that next week," said Ameriprise Chief Market Strategist Anthony Saglimbene. The Producer Price Index (PPI) is due on May 14, and the Consumer Price Index (CPI) scheduled for May 15.
"I think traders are reluctant to take broader stocks or broader averages higher, until they get a fresh update on inflation," he added.
The S&P 500 has leveled off close to the 5,200 mark, which is last closed above on April 9. On Wednesday, it was hamperedby sliding shares of Uber UBER.N which posted a surprise quarterly loss and issued a downbeat forecast.
The ride-hailing platform was among theS&P 500's biggest decliners, after it forecast second-quarter gross bookings would not meet expectations.
Tesla TSLA.O fell after Reuters reported U.S. prosecutors were examining whether the company committed securities or wire fraud by misleading investors and consumers about its electric vehicles' self-driving capabilities.
Other megacap stocks such as Amazon AMZN.O and Alphabet GOOGL.O slipped as the 10-year Treasury yield US10YT=RR edged up.
Rising yields helped dampenoptimism spurred by a positive earnings season and softer-than-expected labor market data last week thathad tempered concerns about the Federal Reserve keeping interest rates higher for longer.
Traders are pricing in a 67% chance of the Fed cutting rates by at least 25 basis points in September, according to the CMEGroup's Fedwatch tool, up from about 54% a week ago.
Fed policymakers who spoke on Wednesday stayed consistent to recent messaging, including at the U.S. central bank's policy meeting last week.
Boston President Susan Collins said the current setting of monetary policy will slow the economy in the way she believes will be necessary to get inflation back to the Fed's 2% target.
According to preliminary data, the S&P 500 .SPX lost 0.09 points, or 0.00%, to end at 5,187.61 points, while the Nasdaq Composite .IXIC lost 29.80 points, or 0.18%, to 16,302.76. The Dow Jones Industrial Average .DJI rose 172.45 points, or 0.44%, to 39,056.71.
Among S&P sectors, utilities .SPLRCU finished higher for the 14th time in 16 sessions, boosted as Vistra CorpVST.N jumped after reporting strong earnings.
Among the heaviest declines were real estate .SPLRCR and consumer discretionary .SPLRCD.
Intel INTC.O fell after warning of a sales hit from the U.S. revoking some of the chipmaker's export licenses for China.
Tripadvisor TRIP.O tumbled after the online travel agency ruled out a possible sale at this time and posted a surprise quarterly loss.
Uber rival Lyft LYFT.O climbed after projecting higher-than-expected gross bookings and a core profit for the current quarter.
Reporting by Sruthi Shankar and Shristi Achar A in Bengaluru and David French in New York; Editing by Shinjini Ganguli, Devika Syamnath and David Gregorio
Activos relacionados
Últimas noticias
Descargo de responsabilidades: Cada una de las entidades de XM Group proporciona un servicio de solo ejecución y acceso a nuestra plataforma de trading online, permitiendo a una persona ver o usar el contenido disponible en o a través del sitio web, sin intención de cambiarlo ni ampliarlo. Dicho acceso y uso están sujetos en todo momento a: (i) Términos y Condiciones; (ii) Advertencias de riesgo; y (iii) Descargo completo de responsabilidades. Por lo tanto, dicho contenido se proporciona exclusivamente como información general. En particular, por favor tenga en cuenta que, los contenidos de nuestra plataforma de trading online no son ni solicitud ni una oferta para entrar a realizar transacciones en los mercados financieros. Operar en cualquier mercado financiero implica un nivel de riesgo significativo para su capital.
Todo el material publicado en nuestra plataforma de trading online tiene únicamente fines educativos/informativos y no contiene –y no debe considerarse que contenga– asesoramiento ni recomendaciones financieras, tributarias o de inversión, ni un registro de nuestros precios de trading, ni una oferta ni solicitud de transacción con instrumentos financieros ni promociones financieras no solicitadas.
Cualquier contenido de terceros, así como el contenido preparado por XM, como por ejemplo opiniones, noticias, investigaciones, análisis, precios, otras informaciones o enlaces a sitios de terceros que figuran en este sitio web se proporcionan “tal cual”, como comentarios generales del mercado y no constituyen un asesoramiento en materia de inversión. En la medida en que cualquier contenido se interprete como investigación de inversión, usted debe tener en cuenta y aceptar que dicho contenido no fue concebido ni elaborado de acuerdo con los requisitos legales diseñados para promover la independencia en materia de investigación de inversiones y, por tanto, se considera como una comunicación comercial en virtud de las leyes y regulaciones pertinentes. Por favor, asegúrese de haber leído y comprendido nuestro Aviso sobre investigación de inversión no independiente y advertencia de riesgo en relación con la información anterior, al que se puede acceder aquí.
