Wall Street Dips as Caution Sets in Ahead of Inflation Data

Wall Street Dips as Caution Sets in Ahead of Inflation Data

After a wildly volatile week that pushed the market into correction territory, U.S. stocks gained roughly 3 percent over Friday and Monday, their best two-day gains since June 2016.

“We saw an impressive rebound yesterday but by no means are we in the clear,” Bakhos said.

By 9:41 a.m. ET (1441 GMT), the Dow Jones Industrial Average was down 73.22 points, or 0.3 percent, at 24,528.05 and the S&P 500 was down 7.42 points, or 0.28 percent, at 2,648.58. The Nasdaq Composite was down 13.09 points, or 0.19 percent, at 6,968.87.

All the 11 major S&P indexes were lower, led by losses in technology and healthcare indexes.

Benchmark U.S. 10-year Treasury yields <US10YT=RR> were hovering at 2.8475 percent, shy of their four-year peak of 2.9020 percent on Monday. [US/]

The CBOE Volatility Index, a widely-followed measure of short-term stock volatility, rose about 1 point to 26.70, but stayed well short of the 50-point level it touched last week.

The recent pullback has wiped out all of the year’s gains for the benchmark S&P 500 and the blue-chip Dow, which are now down 1 percent and 0.9 percent, respectively, so far in 2018.

The tech-heavy Nasdaq was still clinging to a 0.87 percent gain for the year.

More than three-fifths of the companies on the S&P 500 have reported earnings, with nearly 78 percent of them topping profit expectations, according to Thomson Reuters data. That is above the 72 percent average beat-rate in the past four quarters.

Shares of Under Armour rose more than 15 percent after the sportswear maker reported quarterly revenue that beat analysts’ estimates.

AmerisourceBergen jumped nearly 12 percent after the Wall Street Journal reported Walgreens made a takeover approach for the drug distributor. Walgreens rose 1.1 percent.

Declining issues outnumbered advancers on the NYSE by 1,830 to 714. On the Nasdaq, 1,697 issues fell and 684 advanced.

(Reporting by Sruthi Shankar in Bengaluru, additional reporting by Aparajita Saxena; Editing by Savio D’Souza)

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