Papa John's founder loses office in corporate headquarters over racial slur
May sees off rebellion on customs union as amendment is defeated
Poundworld closes another 80 stores with loss of 1,024 jobs
Netflix reports weaker-than-expected new subscriptions in the second quarter
China launches WTO action against U.S. over $200bn tariff threat
Treasury yields surge pushes Wall Street lower
16 May 2018, 10:07 | Hattie Nash
Daily June E-mini Dow Jones Industrial Average
The Dow Jones industrial average fell 193 points to close at 24,706.41, with Home Depot among the biggest contributors of losses.
A surge in USA government bond yields to their highest level in nearly seven years sent Wall Street shares sliding on Tuesday after strong retail sales data stoked inflation concerns and investors fretted about looming trade talks between the United States and China. That paves the way for higher borrowing costs on mortgages and other loans. Homebuilders fell sharply as a result. Vaneck Vectors Semiconductor's stock rose 1.7% after the news.
Meanwhile, the technology-heavy NASDAQ Composite Index (NYSEARCA:QQQ) fell 0.8% to close at 7,351.63. The Russell 2000 was down only 0.1% thanks mainly to relative strength in small-cap banks. Sectors leading losses for the day included real estate, health care and technology.
Banks bucked the downward trend Tuesday and rose along with bond yields.
In Asia, shares declined on Wednesday in morning session after North Korea pulled out of high-level talks with Seoul and as US Treasury yields rose to the highest level in seven years overnight.
Tuesday ended an eight-day run of consecutive gains for the Dow Jones.
Markets focused early on economic reports with sales at U.S. retailers rising for a second straight month in April. Mortgage rates, which have been rising this year, tend to track the 10-year Treasury yield.
The S&P 500 index fell 18 points, or 0.7 percent, to 2,712.
Supreme Court acquits Navjot Singh Sidhu in road rage case
Sidhu is facing charges of having hit a 65-year-old man, Gurnam Singh , in Patiala in a road rage incident on 27 December, 1988. A Bench of Justice J Chelameswar and Justice Sanjay Kishan Kaul is likely to pronounce its verdict at 10.30 am on tuesday.
The surge came after the Commerce Department said retail sales climbed 0.3 percent in April and revised March sales growth upward, to 0.8 percent from 0.6 percent.
Japan's benchmark Nikkei 225 edged down 0.2 percent to 22,818.02.
Stocks struggled to a mixed finish on Wall Street as weakness in smaller-company stocks offset gains in large companies.
Stocks are broadly higher at midday on Wall Street as investors hope that trade tensions will ease between the USA and China.
"Yields on treasuries with shorter maturities are at their highest closing and intraday points in about a decade, continuing the basis point increases that began in September 2017 and have sustained so far this year", Tradeweb noted.
China's Didi Chuxing to Test Self-Driving Cars in California
Despite the recent steps it's made, analysts predict we won't be seeing cars with fruit logos driving around until at least 2020. That gives it the second-largest fleet in the U.S. , ahead of Waymo's 51 cars, but still well behind GM Cruise, which boasts 104.
PUBG Mobile Gets Miramar Map
Starting in season 2, progress missions let players complete various challenges to earn rewards, reach new levels, and more. This is more of a quality-of-life inclusion that does not require you to search for folks by their usernames.
Japan GDP Slides In 1st Quarter Ending 8 Quarters Of Growth
External demand - or exports minus imports - added 0.1 percentage point to first-quarter GDP, as imports slowed more than exports. Economists say Japan's first-quarter contraction is temporary, but the rebound will not be almost as strong as previous quarters.
Mo Salah wins sixth individual award
The goal meant the Egypt global finished two ahead of Tottenham's Harry Kane in the race to be the league's top scorer. He could add more to his tally against Real Madrid in the Champions League final on May 26 in Kiev, Ukraine.