© Archyde.com. Traders work during trading on Wall Street in New York on Monday. Photo: Brendan McDermid/Archyde.com.
NEW YORK (Archyde.com) – U.S. stocks halted two days of gains on Wednesday, as a decline in Abbott Laboratories shares and a rise in Treasury yields weakened the momentum from the current earnings season.
The 10-year yield touched its highest level in more than 14 years, as weak housing data did little to change expectations that the Federal Reserve would continue its aggressive approach to raising interest rates to curb inflation.
Abbott Laboratories declined following reporting less-than-expected growth in international medical device sales, weighed down by strength and supply challenges in China.
Meanwhile, expectations for third-quarter earnings growth for companies listed on the Standard & Poor’s 500 Index rose to three percent from 2.8 percent Tuesday, according to Refinitiv data, still well below expectations for an 11.1 increase at the beginning of July.
According to preliminary data, the Standard & Poor’s 500 index fell by 24.09 points, or 0.65 percent, to close at 3695.89 points, while the Nasdaq Composite Index lost 89.45 points, or 0.82 percent, to 10,684.07 points. The industrial index also fell 84.73 points, or 0.28 percent, to 30,439.07 points.
(Prepared by Ali Khafagy for the Arabic Bulletin – Edited by Mustafa Saleh)
