U.S. Stocks Decline Amid Mixed Blue-Chip Forecasts; Oil Slumps
- Pound trims drop as Carney signals odds of BOE cut diminishing
- Oil falls as Russian comments add to production accord doubts
Are Global Markets Pre-Empting a December Rate Hike?
U.S. stocks declined from a two-week high as mixed forecasts from industry giants and a slump in consumer confidence spurred concern over the outlook for the world’s largest economy. Oil retreated.
Blue chips Caterpillar Inc. and 3M Co. dropped after cutting their estimates, outweighing optimism with United Technologies Corp. and Procter & Gamble Co.’s earnings. Apple Inc. fell in after-hours trading as it reported sliding prices for its smartphones and forecast lower-than-expected profitability over the holiday period. The pound pared losses as Bank of England Governor Mark Carney signaled that the chances of another interest-rate cut this year are diminishing. Oil sank on bets Russia won’t join OPEC to curb supply.