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Wall Street stocks began a holiday-shortened week on a lackluster note Tuesday, retreating as oil prices pushed higher and Treasury bond yields climbed. news online
Crude prices closed at nine-month peaks following announcements by Saudi Arabia and Russia to restrain output.
That enabled petroleum-linked equities to advance while most other industrial sectors declined. The yield on the 10-year Treasury note climbed, reflecting expectations for higher interest rates.
The Dow Jones Industrial Average finished 0.6 percent lower at 34,641.97.
The broad-based S&P 500 shed 0.4 percent to 4,496.83, while the tech-rich Nasdaq Composite Index dipped 0.1 percent to 14,020.95.
The rise in Treasury yields came despite comments from Federal Reserve governor Christopher Waller suggesting the US central bank would keep interest rates steady later this month.
“There’s nothing that is saying we need to do anything imminent any time soon, so we can just sit there, wait for the data, see if things continue,” Waller told CNBC.
Among individual companies, Warner Brothers Discovery advanced 0.7 percent as it projected lower operating earnings due to the impact of the writer and actors’ strikes.
However, the entertainment giant lifted its free cash flow due in part to the strong performance of the “Barbie” movie “as well as incremental impact from strike-related factors,” it said in a press release.
Stock markets were closed Monday in observance of the Labor Day holiday.
This week’s calendar includes services sector industrial data and the Fed’s beige book describing economic conditions around the United States.
jmb/bgs
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