{"id":48520,"date":"2017-10-24T07:40:54","date_gmt":"2017-10-24T07:40:54","guid":{"rendered":"https:\/\/www.biphoo.com\/bipnews\/?p=48520"},"modified":"2017-10-24T07:40:54","modified_gmt":"2017-10-24T07:40:54","slug":"wall-st-retreats-from-record-as-industrials-tech-lag","status":"publish","type":"post","link":"https:\/\/www.biphoo.com\/bipnews\/business\/wall-st-retreats-from-record-as-industrials-tech-lag.html","title":{"rendered":"Wall St. retreats from record as industrials tech lag"},"content":{"rendered":"

Wall St. retreats from record as industrials tech lag<\/span><\/strong><\/span><\/h2>\n

Wall St. retreats from record as industrials tech lag: U.S. stocks declined on Monday as each of the major Wall Street indexes retreated from a record, weighed down by a drop in technology and industrial shares.<\/span><\/p>\n

General Electric (GE.N), down 6.3 percent, suffered its biggest one-day percentage decline in more than six years after a host of brokerages cut their price targets on the stock, citing higher chances of a dividend cut at the industrial conglomerate.<\/span><\/p>\n

After holding near the unchanged mark for most of the session, losses accelerated late in the session on downturn in technology .SPLRCT, off 0.40 percent.<\/span><\/p>\n

Last week, the Dow and S&P managed to close at a record high all five days, after a strong start to third-quarter earnings and on hopes President Donald Trump\u2019s tax plans move forward after the Senate\u2019s approval of a budget resolution on Friday.<\/span><\/p>\n

\u201cOn the one hand, the market is very extended, overbought, on the other hand so far earnings have come through,\u201d said Andrew Slimmon, portfolio manager at Morgan Stanley Investment Management in Chicago.<\/span><\/p>\n

\u201cThe question becomes what happens if tax reform doesn\u2019t happen in 2017, does the market sell off into the year-end?\u201d<\/span><\/p>\n

Investors are also waiting for news on the next Federal Reserve chief. Trump told reporters on Monday he is \u201cvery, very close\u201d to making his decision on who should chair the Fed.<\/span><\/p>\n

Of the 97 S&P 500 companies that have reported earnings so far, 73.2 percent have topped expectations, according to Thomson Reuters data, versus the 72-percent average for the past four quarters.<\/span><\/p>\n

The Dow Jones Industrial Average .DJI fell 54.25 points, or 0.23 percent, to 23,274.38, the S&P 500 .SPX lost 10.19 points, or 0.40 percent, to 2,565.02 and the Nasdaq Composite .IXIC dropped 42.23 points, or 0.64 percent, to 6,586.83.<\/span><\/p>\n

Industrials .SPLRCI, were off 0.8 percent as one of the biggest drags to the S&P of the 11 major sectors. Aside from GE, the group was also pulled lower by a 10.4-percent tumble in Arconic (ARNC.N) after the specialty metals maker missed profit estimates and announced a new chief executive.<\/span><\/p>\n

The energy index .SPNY stumbled 0.59 percent, driven by losses in Schlumberger (SLB.N), Baker Hughes (BHGE.N) and Halliburton (HAL.N), which reported results on Monday.<\/span><\/p>\n

Hasbro (HAS.O) plunged 8.6 percent after the toymaker\u2019s forecast for the holiday season fell below estimates as Toys\u2018R\u2018Us bankruptcy began to hurt its operations. Shares of peer Mattel (MAT.O) fell 3.2 percent.<\/span><\/p>\n

The S&P 500 posted 91 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 104 new highs and 41 new lows.<\/span><\/p>\n

About 5.84 billion shares changed hands in U.S. exchanges, compared with the 5.83 billion daily average over the last 20 sessions.<\/span><\/p>\n

Source:http:\/\/www.reuters.com\/article\/us-usa-stocks\/wall-st-retreats-from-record-as-industrials-tech-lag-idUSKBN1CS1G1<\/span><\/p>\n

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