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Wall Street falls as high bond yields, sinking health stocks weigh
02 February 2018, 09:09 | Kenneth Drake
Wall Street slips at open, Apple weighs
Healthcarestocks pulled the major indexes lower on news that Amazon.com Inc (AMZN.O), Berkshire Hathaway Inc (BRKa.N) and JP Morgan Chase & Co (JPM.N) will jointly form a healthcare company to help control costs for their United States employees. By notching another month of gains in January, the Dow and S&P 500 are on track to extend their win streaks to 10.
The Nasdaq Composite was down 12.48 points, or 0.17 per cent, at 7,493.29.
The Dow Jones Industrial Average fell 362.59 points, or 1.37 percent, to 26,076.89, the S&P 500 lost 31.1 points, or 1.09 percent, to 2,822.43 and the Nasdaq Composite dropped 64.02 points, or 0.86 percent, to 7,402.48.
"Investors' confidence remains strong and it is likely to strengthen".
The economic backdrop continues to look positive.
"Investors are catching up to the fact that rates have risen", said Jonathan Mackay, investment strategist at Schroders.
In the broad market, the health care, energy and financial sectors led losses for the day. The firm exceeded sales and profit expectations in the most recent quarter.
Stock indexes ended slightly higher Wednesday after overcoming a brief afternoon stumble.
The technology sector's 0.50 per cent drop weighed the most on the markets, but the biggest decliners were the defensive sectors - utilities, real estate and telecoms, all down more than 0.8 per cent as U.S. 10-year treasury yields hit their highest since 2014.
"We've had a long run in the stock market, and we've seen some unease, but that could be reversed with a couple of good days", said Hellwig.
U.S. Treasury yields climbed to multi-year highs after the start of the Federal Reserve's two-day meeting, which could shed light on the central bank's economic and rate hike outlook.
The bank is about to undergo a change of leadership as Janet Yellen, who is viewed as favouring low interest rates, steps down.
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Wall Street is rebounding from the worst two-day tumble since President Trump's election. The market still has some room to price in more interest-rate increases in the coming years to match the Fed's projections, she noted. The aerospace giant has been the biggest gainer in the Dow Jones industrial average over the past year. Declines from telecommunications-equipment maker Ericsson, fashion retailer Hennes & Mauritz and United Kingdom outsourcing group Capita - which shed 43% after suspending its dividend and issuing a profit warning - helped offset gains in Swedish household-appliance maker Electrolux.
Chiefs Agree To Trade Pro Bowl QB Alex Smith To Redskins
McLovin really tore into Alex Smith when Dan said "go back a little bit", to which McLovin replied, "it's not Mahomes". The deal can not become official until the start of the NFL's 2018 league year on March 14, the report noted.
Beckham set to launch Miami club
An MLS statement said information about the team's debut season, team name, logo and staff would be released in the future. At the announcement, Beckham admitted that bringing soccer to Miami wasn't easy and there were times he nearly gave up.
EasyJet CEO takes pay cut in equal pay commitment
The carrier has also "set a target that 20% of new pilots should be female by 2020, up from 6% in 2015", reports the BBC. The boss of easyJet will take a salary cut to demonstrate his "personal commitment" to equal pay.
Michelle Obama Joins Ellen for First Put up-WH Interview
Before leaving the White House on January 31, 2017, Obama sat down with Oprah Winfrey for her final interview as First Lady. DeGeneres talked about how a significant number of people is frightened by the current events unfolding in Washington, D.C.