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Global Markets Decline on Rate concerns
Mar 07, 4:54 PM EST |
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| After the close,Dress Barn report better than expected earnings and Pixar report earnigs decline. Markets from Brazil to S. Korea decline. |
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| Investors brace rising rates and markets from Asia, Europe, South Africa and in North and South America report sell-offs. South Africa lose 3.8%, Brazil down 2.83%, Mexico 2.3%, Argentina 2.2%, Korea 2.1%, Norway 0.96%. U.S. average Nasdaq led the delciners and tech stocks sell-off induced by earnings guidance from Texas Instuments. Commodities including crude oil, gold and copper suffer losses. |
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Markets Decline Around the World
Mar 07, 4:09 PM EST |
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| Fears of rising interest rates induce sell-off in Japan and Asia which caused markets in Europe, U.S., and Americas to decline. |
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| Bond market yields floated above 4.7% for the most part of the day and closed at 4.742% causing traders to sell stocks in Latin America, Europe, Canada and Mexico. Tech stocks in the U.S. led decline among all the secots. Falling energy prices caused sell-off in drillers and explorers. Brazil lost 2.83% and South Africa lost 3.8% on worries of the upcoming negotiations between miners and steel makers. |
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Latin Markets Decline by 2%
Mar 07, 3:36 PM EST |
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| Rising interest rates in the U.S. makes investors in the south of the border jittery. Markets across the region decline between 2% and 3%. |
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| Broader averages in the U.S. have managed a slight rebound but maintain a negative bias as market nears last 30 minutes of trading. Tech stocks are still in the negative column. Markets across the Latin America region declined on the rising rate in the U.S. of the major markets in the region Brazil, Mexcio and Argentina lost 2.8%, 2.2% and 2.2% respectively. |
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Internet Stocks Sell-Off
Mar 07, 3:00 PM EST |
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| Internet stocks decline led by Google. Broader averages maintain downward bias. Oil, gold, natural gas and copper remain negative. |
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| Broader market averages still maintain negative bias with worsening sentiment for tech stocks. Internet stocks are on decline led by fall in stock price of Google, Yahoo, CNET, Value Click and Real Networks. Other notable tech stocks RIM, SanDisk, Advannced Micro and EMC decline by more than 1%, however Apple traded up 1%. April Crude oil is down 83 cents. |
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Nasdaq Down 1%
Mar 07, 2:28 PM EST |
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| Broader averages remain under attack from rising yields. Tech stocks sell-off as telecom stocks decline after mega merger news of AT&T and BellSouth. |
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| Market averages remain under pressure in the early afternoon. Tech stocks sell as telecom, Internet, homebuiders, miners and energy stocks decline. Crude oil lost another $1.03 today gold has lost near $15 in the last three session and copper and copper and silver are in decline as well. |
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European Averages Decline
Mar 07, 1:16 PM EST |
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| Fluor dropped 6.5% to set a fresh low of 80.06, hovering near last-week lows. TurboChef Technologies fell about 10% on quarterly results. |
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| European markets closed lower on mixed U.S. stocks and sharp losses in the resource sector. London FTSE 100 led decliners, falling 0.6%. A disappointing guidance from Texas Instruments and general weakness in the tech sector drove the S&P 500 and Nasdaq lower. But the Dow slightly advanced, with gains in blue chip stocks like General Motors, Procter & Gamble, Honeywell. |
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GM Lifts Dow
Mar 07, 12:47 PM EST |
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| The Department of Labor reported 0.5% drop in productivity in the fourth quarter vs. expectations of a decline of 0.1%. |
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| Stocks were mostly weak on higher bond yields and worries about further interest rate hikes. The Dow recovered in early morning, supported by gains in major stocks. General Motors stood out among gainers with an advance of 1.7%. GM freezes pension benefits of employees hired after Jan 1, 2001. This will reduce pension liability by $1.6 billion and 2007 pretax expenses by $420 million. The index was also helped by Honeywell International which rose 1.5% and Procter & Gamble, up about 1.2%. |
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Myogen Slides 10%
Mar 07, 11:36 AM EST |
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| The Department of Labor reported 0.5% drop in productivity in the fourth quarter vs. expectations of a decline of 0.1%. |
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| Stocks slightly recovered from the early drop on rising bond yields, inflation worries and losses in the tech sector. On Tuesday morning the yield on the 10-year Treasury note rose to 4.77%. Myogen slipped 10% after it announced a loss for 2005. The company also revealed a licensing deal with GlaxoSmithKline. Sunrise Senior Living was a notable gainer after posting Q4 earnings increase and lifted 2006 earnings guidance. The stock jumped 10%. |
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Long Bond up 4.77%
Mar 07, 11:09 AM EST |
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| The Department of Labor reported 0.5% drop in productivity in the fourth quarter vs. expectations of a decline of 0.1%. |
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| Stocks opened weak, reflecting rising bond yields, inflation worries and losses in the tech sector. On Tuesday morning the yield on the 10-year Treasury note rose to 4.77%. The main stock to blame for the weakness among tech stocks was Texas Instruments which raised the lower end of its profit forecast range but failed to deliver the strong outlook analysts had expected. |
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Tech Stocks Fall on TI
Mar 07, 10:09 AM EST |
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| Crude oil prices advanced to $62.65 a barrel ahead of OPEC meeting. European gold further declined. The dollar strengthened. |
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| U.S. stock futures were sitting below the flat line, hurt by a disappointing guidance from Texas Instruments. The top supplier of mobile phone chips raised the lower end of its profit forecast range but failed to deliver the strong outlook analysts had expected. Citigroup lowered its rating on Qwest Communications International to sell from hold and BellSouth Corp. to hold from buy. |
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