LIVE MARKETS-S&P 500 falls 4-straight days, back down to flirt with 5,000
The S&P 500 has fallen for four consecutive days, nearing the 5,000 level. Downbeat earnings reports from major companies such as Travelers, JB Hunt, and ASML have contributed to the market decline. The U.S. 10-Year Treasury yield has also dropped over 10 basis points. Tech stocks have been the weakest sector, while banks have posted gains. The S&P 500 index is down 4.4% from its record high.
Nasdaq ends down ~1.2%, S&P 500 off ~0.6%, DJI edges red
Tech weakest S&P 500 sector; Utilities lead gainers
Dollar, gold dip; crude, bitcoin both down ~3%
U.S. 10-Year Treasury yield falls to ~4.58% Welcome to the home for real-time coverage of markets brought to you by Reuters reporters. You can share your thoughts with us at
S&P 500 FALLS 4-STRAIGHT DAYS, BACK DOWN TO FLIRT WITH 5,000
Wall Street’s main indexes fell in choppy trading on Wednesday as downbeat earnings reports from some industry majors, including insurer Travelers (TRV.N) , trucking company JB Hunt (JBHT.O) , and chip equipment maker ASML (ASML.O) weighed on sentiment.
Meanwhile, the U.S. 10-Year Treasury yield (US10YT=RR) , which on Tuesday had hit 4.696%, or its highest level since mid-November 2023, has quickly tumbled more than 10 basis points. The yield is now around 4.58%.
In any event, value (.IVX) outperformed growth (.IGX) on Wednesday. This, with tech (.SPLRCT) the weakest S&P 500 (.SPX) sector, while banks (.SPXBK) (.KRX) posted gains, contributing to strength in financials (.SPSY) , despite weakness in insurers (KIE.P) .
Chips (.SOX) and transports (.DJT) fell sharply, and were among the day’s underperformers.
At its worst level, the S&P 500 index hit 5,007.25, nearly tagging the 5,000 level, while putting it down about 0.9% on the day. It ended off 0.58% at 5,022.21.
The benchmark index has now fallen four days in a row. The last five-day losing streak ended on Oct. 23 of last year, which was three trading days ahead of the index’s Oct. 27 sell-off trough.
The SPX has lost as much as 4.9% from its 5,264.85 March 28 record intraday high. It ended Wednesday down 4.4% from its 5,254.35 March 28 record closing high.
Here is a snapshot of where markets stood just shortly after 4 pm ET:
(Terence Gabriel)
FOR WEDNESDAY’S EARLIER LIVE MARKETS POSTS:
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MORTGAGES: GET ‘EM WHILE THEY’RE HOT - CLICK HERE
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AS FIRM DOLLAR ROILS EM CURRENCIES, WHAT’S A CENTRAL BANK TO DO? - CLICK HERE
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EUROPEAN STOCKS, NOT AS CHEAP AS THEY LOOK - CLICK HERE
RESPITE FOR CREDIT IN THE FACE OF “THE BIG SHRINK” - CLICK HERE
DOLLAR/YEN AT 160 BY YEAR END SAY UBS - CLICK HERE
WHAT LVMH RESULTS MEAN FOR EUROPEAN BEVERAGES - CLICK HERE
EUROPE’S “SUNNY SWEET SPOTS” - CLICK HERE
ASML: A BUYING OPPORTUNITY? - CLICK HERE
ABSOLUTELY ALL ABOUT ADIDAS, ASML AND AARDVARKS, ALMOST - CLICK HERE
EYES ON ASML AT THE OPEN - CLICK HERE
MORNING BID EUROPE-DOLLAR BULLS ENTER THE CHINA SHOP - CLICK HERE
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(Terence Gabriel is a Reuters market analyst. The views expressed are his own)