Google, Apple and Caterpillar stocks plunge, Dow Jones sinks 425 points

Google, Apple and Caterpillar stocks plunge, Dow Jones sinks 425 points

ENERGY: Benchmark U.S. crude oil added 1 cent to $68.65 a barrel in NY. When investors sell debt, prices fall and yields rise.

Eight of the index's 10 main groups ended lower.

Boeing, the single largest US exporter to China, rose 2.4 percent after it reported a 57 percent rise in profit, while also raising its full-year forecast for earnings per share and cash flow.

Boeing Co.(BA) rose 4.2% after beating first-quarter earnings expectations (http://www.marketwatch.com/story/boeing-stock-flies-on-earnings-beat-upward-guidance-2018-04-25) and hiking its 2018 earnings outlook. The company and its franchisees will spend C$700-million over four years to revamp coffee chain Tim Hortons following a round of bad publicity over its management of the Canadian chain.

USA markets were dragged down, in particular, by 10-year Treasury yields hitting the highly anticipated 3 per cent mark for the first time in four years, stoking concerns about higher borrowing rates for companies already facing rising costs.

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All the 11 major S&P sectors were lower, led by a 0.93 percent decline in the industrial sector as shares of 3M and United Tech fell.

"It makes borrowing costs more expensive for corporations".

SHIRE'S WILD RIDE: Drugmaker Shire rallied again as the company said it is considering a new offer from Japanese rival Takeda.

Higher bond yields could also prompt portfolio managers to weigh moving money into more attractive fixed-income securities at the expense of equities.

Bond prices fell. The yield on the 10-year Treasury rose to 2.99 percent.

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The Dow Jones Industrial Average rose 46.07 points, or 0.19 per cent, at the open to 24,070.20. Meanwhile, the Alphabet stocks fell by more than 4.5%.

The Dow Jones industrial average climbed 47 points, or 0.2 percent, to 24,523. Its stocks fell 6.8 per cent after the company posted in-line profits as lower taxes offset a miss in operating profits and the company lowered its 2018 earnings forecast.

Shares of the world's biggest planemaker rose 2.5 percent after its profit jumped by more than half in the first quarter and the company raised its full-year forecasts for cash flow and earnings.

"They're kind of pulling each other down", said Nolte.

After Caterpillar spooked investors by warning about higher material costs on Tuesday, Boeing executives, on a post-earnings call noted that it was not seeing a material effect from raw material costs. Caterpillar Chief Financial Officer Bradley Halverson's prediction that the first quarter would be "the high-water mark" for the firm's profits caused some concerns among traders.

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