US: Stocks dip as Treasury yields push higher
WALL Street stocks fell on Tuesday as markets weighed mixed results from large banks while US Treasury yields pushed higher.
Shares of Goldman Sachs and Morgan Stanley moved in opposite directions as Goldman topped estimates while Morgan Stanley results were hit by a large legal charge.
Meanwhile, Federal Reserve Governor Christopher Waller said the central bank should be able to cut interest rates in 2024, adding that rates could be “lowered methodically and carefully.”
The yield on the 10-year US Treasury climbed back above four per cent.
The Dow Jones Industrial Average tumbled 0.6 per cent to 37,361.12.
The broad-based S&P 500 fell 0.4 per cent to 4,765.98, while the tech-rich Nasdaq Composite Index shed 0.2 per cent to 14,944.35.
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Boeing was the biggest loser in the Dow, sinking nearly eight per cent as it announced an independent review of its quality control functions - in the latest move following a near-catastrophic incident on a 737 MAX jet.
Wells Fargo downgraded Boeing shares, saying an audit announcement last week by the Federal Aviation Administration “opens up a whole new can of worms.”
JetBlue gained 4.9 per cent after a federal judge blocked the airline’s proposed US$3.8 billion takeover of low-cost carrier Spirit Airlines, saying that the deal would reduce competition.
Spirit Airlines plunged more than 47 per cent. AFP
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