Saudi king calls Erdogan as Khashoggi fallout widens
Rally in equities push oil prices above $80 a barrel
Trump Warning over Missing Writer Crashes Saudi Stocks by 7.0 Percent
No victor in Mega Millions Friday
Singapore Airlines to launch longest flight for NY
Markets Right Now: Stocks are mostly lower; bond yields rise
16 May 2018, 08:59 | Joann Bryant
Daily June E-mini Dow Jones Industrial Average
The prospect of higher interest rates weighed on homebuilders, while the pickup in bond yields sent shares in high-dividend paying stocks lower.
The yield on the 10-year Treasury rose to 3.07 percent from 3 percent late Monday, the highest level since July 2011 for the yield, which is used to set interest rates on mortgages and other loans. The S&P 500 closed at 2,711.45 for a loss of -18.68 points or -0.68%. The Nasdaq composite fell 60 points, or 0.8 percent, to 7,349.
"A little bit of today's jitters are related to a hangover to yesterday's wrongly placed exuberance that a trade deal was imminent, and the reality is we are in for a long slugfest between the USA and China", said Jon Mackay, investment strategist at Schroders North America in NY.
Technology and health care sector companies took some of the worst losses. Small-company stocks also rose.
The benchmark 10-year note's yield climbed to 3.09% in afternoon trading, and it is up more than 67.1 basis points in 2018, according to data from bond platform Tradeweb.
"The most notable of these is the retail sales data for April, which is expected to be relatively good for a second consecutive month following a few poor numbers that were a little worrying", Craig Erlam, a senior market analyst for Oanda, said in a commentary.
The yield curve steepened from near its flattest levels since 2007, with the spread between the 2 year and 10 year bond yields widening 5bps to 50bps. Chip maker Nvidia fell 3.8 percent; drug maker Celgene slid 3.9 percent.
Benchmark U.S. crude oil reversed an early side, rising 35 cents to settle at $71.31 a barrel in NY. Soon-to-be NY Fed President Williams noted that "inflation has just barely reached our 2 percent goal" and said that he thought the chances of two or three additional hikes this year were reasonably balanced. Brent crude, used to price worldwide oil, added 20 cents to $78.43 in London.
CURRENCIES: The dollar rose to 109.97 yen from 109.53 yen late Monday. Copper slipped 4 cents, or 1.2 percent, to $3.06 a pound. Silver dropped 38 cents, or 2.3 percent, to $16.27 an ounce. France's CAC 40 inched up 0.2 percent.
OxyContin maker faces more lawsuits
Eric Bedingfield, whose son died past year of a drug overdose, on Tuesday, Aug. 15, 2017, at his offices in Columbia, S.C. The suit alleges Purdue violated the Tennessee Consumer Protection Act and created a statewide public nuisance.
This is my home - Zaha staying at Crystal Palace
But he has looked revitalised under Hodgson and finished the season with nine Premier League goals and three assists. I've had three fantastic seasons here, I love the club and my life in London is flawless , so I will see.
Golf champ's wife attacked him after he bombed at tournament
Deputies also noted lacerations on the arms of both Lucas and his mother, Hershey Glover, who also had blood on her clothes. She said she was trying to break up a fight between her son and his wife when her daughter-in-law attacked her instead.
Celtics' Stevens expects swift counterpunch from LeBron James
So if that doesn't highlight just how pivotal Game 2 is for James and the Cavs on Tuesday night, I don't know what else will. That is exactly why containing LeBron needs to remain the sole priority of the Boston defense and starting five in Game 2.