U.S. Stocks Decline on Tech Woes, Treasuries Slide: Markets Wrap
- Proctor & Gamble, Philip Morris report dissapointing earnings
- Treasury yields rise above 2.9 percent; dollar advances
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U.S. stocks fell for the first time in four days as technology shares came under pressure from trade and earnings concerns. Treasuries hit the lowest since February amid a wave of selling across European sovereign debt and inflation.
The S&P 500 Index dropped the most in nearly two weeks as tech shares slumped after Taiwan Semiconductor’s disappointing forecast roiled chipmaker stocks. China’s request for concessions from Qualcomm Inc. to acquire NXP Semiconductors NV ratcheted up tensions over trade. Earnings misses from Procter & Gamble Co. and Philip Morris International Inc. weighed on consumer staples.