Markets Right Now: Stock indexes slip below recent records

Paterniano Del Favero
Giugno 22, 2017

The price of oil slumped to its lowest level of the year before noon Tuesday and helped to restrain USA stock indexes, which set records a day earlier.

The S&P 500 index fell 0.3% to 2,445.14 and the Dow Jones dipped 0.1% to 21,510.36. While the Nasdaq climbed firmly into positive territory, the Dow and the S&P 500 pulled back further off the record closing highs set on Monday.

The Russell 2000 index of smaller company stocks rose 11.35 points, or 0.8 percent, to 1,418.08.

The pan-European FTSEurofirst 300 index lost 0.66 percent and MSCI (Frankfurt: 3HM.F - news) 's gauge of stocks across the globe shed 0.54 percent.

GETTING ACTIVE: La-Z-Boy jumped $3.95, or 15.1 percent, to $30.15 after reporting quarterly earnings that easily topped analysts' expectations. After being up by as much as 1.6 percent earlier in the day, benchmark US crude turned lower and was down 12 cents, or 0.3 percent, to $43.39 per barrel.

BUYOUT BOOST: PerkinElmer, which sells testing equipment and scientific instruments, jumped $3.68, or 5.8 percent, to $67.25 for one of the largest gains in the S&P 500 after it agreed to buy EUROIMMUN Medical Laboratory Diagnostics of Germany for $1.3 billion in cash. Goldman Sachs was off 0.8 percent and Bank of America fell 1.3 percent.

USA stock index futures were slightly higher on Tuesday as technology stocks continued to recover from their steep selloff last week.

Energy fell 1.7% by the close, posting the steepest loss among the sectors on the S&P 500. After being up by as much as 1.6 percent earlier in the day, benchmark US crude turned lower and was down $1.06, or 2.4 percent, to $42.4 per barrel.

Chipotle CMG.N fell 6.7 percent to $428.58 after the burrito chain said its operating costs in the second quarter will be slightly higher than the first quarter. Strong earnings have supported stock indexes this year, and valuations - which are trading at higher-than-average levels - haven't risen to excessive levels, said Tom Siomades, head of the investment consulting group of Hartford Funds. The S&P energy index dropped 1.3 per cent as the worst-performing of the 11 major S&P sectors and Europe's oil and gas sector slumped 2.2 per cent.

Light, sweet crude for July delivery settled down 97USc, or 2.2%, at $US43.23 a barrel in NY, more than 20% below this year's high of $US54.45 on February 23.

Benchmark 10-year notes last rose 6/32 in price to yield 2.1687 per cent, from 2.188 per cent late on Monday. Hong Kong's Hang Seng fell 0.3 percent to 25,843.04, while the Shanghai Composite fell 0.1 percent to 3,140.01.

CURRENCIES: The dollar weakened to 111.14 yen from 111.46, while the euro strengthened to $1.115 from $1.113.

The British pound rose to $1.2668 from $1.2629 late Tuesday.

In the commodities markets, gold rose $2.30 to settle at $1,245.80 per ounce, silver slipped 4 cents to $16.37 per ounce and copper added 5 cents to $2.60 per pound.

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