Asian Stocks Follow Wall Street Lower

Posted April 29, 2018

The yield on the 10-year Treasury note kept setting four-year highs as it rose to 3.02 percent from 3 percent.

BONDS: Investors may have also been anxious about rising interest rates, as they tend to slow down economic growth by making it more expensive for people and companies to borrow money.

Volume on US exchanges was 6.67 billion shares, compared to the 6.75 billion average for the full session over the last 20 trading days.

But the comments from Caterpillar's executives, as well as from other major companies like 3M and Sherwin-Williams, had investors worrying about whether that growth will show up.

Other technology stocks in the FAANG group, Facebook, Inc and Netflix Inc, also weighed on the Nasdaq. On Wednesday Goodyear Tire & Rubber said higher raw materials costs and weaker demand hurt its business in the first quarter.

Essentra plc (LON:ESNT) Weekly Ratings as of April 24, 2018
In other news, insider Clive Jennings acquired 56,571 shares of the firm's stock in a transaction dated Thursday, February 1st. The active investment managers in our database now hold: 3.94 million shares, up from 3.82 million shares in 2017Q3.

The Dow Jones Industrial Average fell 424.56 points, or 1.74%, to 24,024.13, the S&P 500 lost 35.73 points, or 1.34%, to 2,634.56 and the Nasdaq Composite dropped 121.25 points, or 1.7%, to 7,007.35.

The stock market's fall reflects investors' fear of rising interest rates and a national struggle for higher wages.

The 10 year benchmark of Treasury yield traded at 3.02 percent after breaking above the rate of 3 percent for the first time on Tuesday since 2014. the rates which are moving higher is pushing the stocks lower with the Dow dropping by more than 400 points.

The Dow Jones industrial average fell 97, or 0.4 percent, to 23,928.

The S&P 500 is down 39.05 points, or 1.5 percent.

Woman Sets Car Afire With Children Inside: 'We're Going To See Jesus'
Police say the woman eventually made a decision to leave the area with her kids but was captured by Precinct 7 deputy constables. Even a Texas mother who tried to burn her children alive educated him beforehand "they went to see Jesus", police say.

Twitter dropped 1.9 percent despite $61 million in first-quarter profits, its second straight month of positive earnings. The stock market had already been spooked by a climb in bond yields earlier in the year, sliding sharply in February.

Aerospace company Boeing was an exception, as it topped Wall Street's estimates and raised its forecasts for the year. The S&P 600 closed at 955.03 for a loss of -2.34 points or -0.24%.

The Nasdaq is down 138.77 points, or 1.9 percent. Comcast rose 1.6 percent to $33.85 and Fox gained 1.1 percent to $36.42.

The largest percentage gainer on the TSX was Mitel Networks Corp, which rose 9.6 per cent.

Wholesale gasoline lost 1.4 percent to $2.09 a gallon. Brent crude, used to price global oils, fell 27 cents to $73.59 a barrel in London. Gold traded about 0.8% lower to $1,323 an ounce. By the close, Hong Kong's Hang Seng lost 1%, South Korea's Kospi fell 0.6%, China's Shanghai Composite shed 0.4%, and Japan's Nikkei dipped 0.3%.

TCS becomes first Indian company to cross $100 bn in market-cap
Shares of TCS also surged almost 5 percent during intra-day trade on the country's equity benchmark index, Bombay Stock Exchange. TCS was listed in 2004 and gradually scaled up the ladder to become the country's largest software services company.

CURRENCIES: The dollar edged up to 108.67 yen from 108.65 yen.