Markets Right Now: Stocks open broadly lower on Wall Street

Markets Right Now: Stocks open broadly lower on Wall Street

The S&P and the Dow slipped after six straight days of gains on Tuesday, hurt by disappointing quarterly results from Walmart and a rise in bond yields.

The Dow Jones Industrial Average (.DJI) fell 254.63 points, or 1.01 percent, to 24,964.75, the S&P 500 (.SPX) lost 15.96 points, or 0.58 percent, to 2,716.26 and the Nasdaq Composite (.IXIC) dropped 5.16 points, or 0.07 percent, to 7,234.31.

Other retailers including Target, Kroger and Costco Wholesale fell between 1.3 percent and 3.7 percent, dragging the S&P consumer staples index down 2.15 percent. The Nasdaq composite was positive, up 27 points to 7,727. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

The S&P 500 notched its biggest weekly percentage gain in five years last week, as equities quickly bounced from a sharp drop off its January 26 high and eased concerns a longer selloff was at hand.

Rite Aid rose 6.3 per cent after grocery chain operator Albertsons Companies said it would buy the part of the drug retailer that is not being bought by Walgreens Boots.

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While still near four-year highs, yields have leveled off somewhat of late, as benchmark 10-year Treasury notes last fell 5/32 in price to yield 2.895 percent, from 2.877 percent late on Friday.

The S&P technology index (.SPLRCT) gained 0.3 as the sole major S&P sector on the plus side, buoyed by a gain of almost 2 percent in the semiconductor sector (.SOX).

NXP Semiconductor jumped 6 percent after Qualcomm raised its offer for the company to $127.50 a share, or $43.22 billion, from $110 a share.

BONDS LOOM: The rising yield on the 10-year Treasury, which is used as a benchmark for mortgages and other loans, is making bonds more appealing than stocks. Shares are almost 6% below the entry and the break of the 50-day line should cause investors who bought near 100.23 to consider cutting losses short.

The UK's FTSE 100 index inched 0.01 percent lower, as a 4.6 percent drop in shares of BHP Billiton offset a 5 percent rally in shares of Evraz. The Russell 2000 index of smaller-company stocks gave up 0.9 percent, to 1,529.99. It rose 24 cents to settle at $61.79 per barrel in NY.

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CURRENCIES: The dollar rose to 107.82 yen from 107.33 yen on Tuesday.

USA stock markets were closed on Monday for the Presidents Day holiday. The euro edged lower to $1.2335 from $1.2337.

MARKETS OVERSEAS: Germany's DAX rose 0.8 percent, while France's CAC 40 gained 0.6 percent.

Gold fell $25, or 1.8 percent, to $1,331.20 an ounce.

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