Midday Report: Wall St. Slips as Consumer Stocks Fall

by admin November 28, 2016 at 5:36 pm

United States markets were lower in early trading on Monday as a record-setting drive lost some of its steam.

KEEPING SCORE Near midday, the Dow Jones industrial average fell 0.21 percent and the Standard & Poor’s 500-stock index was down 0.29 percent. The Nasdaq composite index dropped 0.28 percent.

The Russell 2000, an index of smaller companies, was down 0.7 percent. That index has risen for 15 days in a row, its longest streak in 20 years. All of those indexes finished at record highs on Friday.

CLEARANCE Consumer discretionary stocks were especially hard-hit. Shares of the online retail giant Amazon fell 1.8 percent after Citigroup analysts cut their price target on the stock, citing deep discounting by the retailer to compete during the holiday shopping season. Shares of Barnes & Noble fell 1.9 percent on reports that the book seller was also doing deep discounting.

ON THE NEWSSTANDS Shares of the magazine publisher Time jumped 18 percent after The New York Post reported that the company had rejected a buyout offer from the investor Edgar Bronfman Jr.

OIL Major oil producers from the Organization of the Petroleum Exporting Countries were scheduled to meet Wednesday to discuss output cuts to bolster prices. Oil prices have been exceptionally volatile amid the uncertainty, falling sharply in early Monday trading before recovering. The benchmark New York rate was up $1.48, at $47.47 a barrel while Brent, the international standard, was $1.38 higher, at $48.62.

EUROPEAN MARKETS In Germany, the DAX fell 1.1 percent and in France, the CAC 40 lost 0.9 percent. The FTSE 100 was down 0.6 percent in Britain.

ASIA’S DAY The Nikkei 225 declined 0.1 percent in Japan, while in Hong Kong, the Hang Seng gained 0.5 percent. The Shanghai composite index added 0.5 percent in China. The Kospi was up 0.2 percent in South Korea. In Australia, the S.&P./ASX 200 lost 0.8 percent, while the Sensex in India was up 0.1 percent. Benchmarks in Manila and Jakarta also declined.

BONDS AND CURRENCIES The euro slipped 0.1 percent to $1.0575 while the dollar fell 0.5 percent to 112.33 yen. Bond prices rose. The yield on the 10-year Treasury note fell to 2.33 percent.

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