Markets Right Now: Solid earnings send United States stocks higher

Pauline Gross
April 25, 2018

Major U.S. stock indexes gave up an early gain Tuesday, but smaller and more domestically-focused companies are rising. The yield on the 10-year Treasury note continued to trade at four-year highs, rising to 2.98 percent from 2.96 percent.

Google's parent company, fell 4.8 percent to $1,021.50. The S&P 500 future gained 0.3 percent to 2,679.30. USA shares were also set to drift higher with Dow futures adding 0.3 percent to 24,476. Germany's DAX edged up 0.3 percent to 12,612.45.

Platinum was 0.2 percent higher at $919.20 an ounce, while silver was up 1 percent at $16.69 an ounce after falling over 3 percent in the previous session. American consumers got more confident in the economy in April, according to a survey by the Conference Board. Japanese inflation via Core Consumer Price Index numbers met their expectations.

The CAC 40 in France gained 0.5 percent.

At 1 p.m. (1700 GMT), the Treasury will sell its last two-year fixed-rate debt, which traders expected would fetch a yield of 2.512 percent. That helped energy companies finish higher. Natural gas rose 1.5 percent to $2.78 per 1,000 cubic feet. Its stock rose 7.6 percent to $3.24. Westinghouse Air Brake Technologies picked up 3 percent to $90.64. On Monday, the United States government 10-year note - a benchmark for mortages and corporate borrowing - rose as high as 2.995 per cent, before falling back to 2.962 in Asia on Tuesday.

Scientific equipment maker Waters said sales to industrial customers decreased, and analysts were also disappointed with its sales to the pharmaceutical industry. 3M, which makes Post-it notes and industrial coatings and ceramics, shed 6.9 percent to $201 after it cut its annual forecast.

WALL STREET: Shares yielded early gains to end almost unchanged.

Elsewhere, the dollar held at a three-month high against a basket of currencies, after having received a boost from USA 10-year Treasury yields holding near the key 3 percent level.

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Paul Brain, head of fixed income at Newton Investment Management, said he expects the 10-year yield to hit a "consolidation point" of 3.1% to 3.4%.

Yields were already heading higher at the start of 2018 amid Fed rate hikes, and policy makers have shown no signs of slowing their tightening even with USA stock markets fluctuating in recent months. Earlier it peaked at 3 percent for the first time since January 2014.

The rising yield reflects higher expectations for inflation and economic growth.

Walmart fell 1 percent after Bloomberg reported that the retailer might spend $12 billion to buy the majority of Indian e-commerce company FlipKart.

Shire has rallied in the wake of Takeda's earlier offers, which Shire said weren't good enough. Benchmark measures of emerging market stocks and bonds from MSCI .MSCIEF and JPMorgan .JPMEPR , respectively, both closed at two-month lows.

CURRENCIES: The dollar rose to 108.60 yen from 107.60 yen. The Euro is hovering near the 1.22 level versus the U.S Dollar and still appears vulnerable.

COMMODITIES: Energy companies lagged the rest of the market as benchmark USA crude dropped 38 cents to $68.02 a barrel in NY while Brent crude, used to price worldwide oils, lost 17 cents to $73.89 per barrel in London.

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