U.S. Stocks Slip as Investors Weigh Fed Rate Path, Geopolitics

U.S. stocks slid as investors assessed geopolitical risks and Federal Reserve Chair Janet Yellen’s comments on the central bank’s priorities.

The S&P 500 lost 0.2 percent to 2,353 at 9:35 a.m. in New York. The benchmark ended little changed on Monday, after paring an earlier advance. The Dow Jones Industrial Average lost 0.1 percent to 20,642.

  • Nine of 11 sectors lower in early trading
  • Financial companies lagging most, down 0.5%; the group has declined in all but four trading sessions since March 20
  • Real estate, consumer discretionary shares higher
  • The White House press secretary warned Syria to stop using barrel bombs against civilians, suggesting President Trump may expand the criteria for U.S. action against Bashar al-Assad’s regime
  • U.S. stock gains are justified by economic and earnings growth, according to Ross Yarrow, director of U.S. equities at Robert W. Baird, who recommended being overweight the shares
  • ECONOMY:
    • Fed Chair Yellen said late yesterday that the U.S. central bank’s task has shifted from a post-crisis exercise of healing the economy to one aimed at holding on to progress made
    • Traders are pricing in a 63% chance of higher borrowing costs by June, Fed fund futures show
  • EARNINGS:
    • Pre-market Wednesday: Delta Air Lines (DAL), Fastenal (FAST)

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