Economy

Wall Street rally pauses in early trade

The S&P 500 industrials index rose 0.7 per cent, leading all major groups. The No.1 USA automaker reported stronger-than-expected earnings, reaffirmed its full-year earnings forecast and promised to slash stocks of unsold vehicles. The Dow Jones Industrial Average set another new record high after strong earnings from heavy-hitters Caterpillar (CAT) and 3M (MMM).

The S&P 500 index fell 5 points to 2,563.66, while the Nasdaq index dipped 10.7 points or to 6,587.66. Markets have been gaining ground recently, helped by low interest rates and promises of USA tax reform from the Trump administration. MSCI's broadest index of Asia-Pacific shares outside Japan closed 0.14% higher, while Japan's Nikkei lost 0.45%.

AT&T Inc. (T) is among the big names that will move on earnings news today.

Shares of Boeing fell 2.85 percent to $258.42, after the company reported net profit of $1,853 million in the third quarter, down about 19 percent compared to the same period past year. Earnings for the company also failed to meet Wall Street estimates.

Before the opening bell, Coca-Cola Company announced 2017 third-quarter net profit of $1.45 billion or 33 cents per share, up from $1.05 billion or 24 cents per share for the same period past year.

USA industrial sector roared to a record high on Tuesday following strong financial results from stalwarts 3M Co. and Caterpillar Inc, even as shares of General Electric Co continued to struggle. On average, 23 analysts polled by Thomson Reuters expected earnings of $0.75 per share for the quarter.

Yields extended gains after data showing new orders for key USA -made non-defense capital goods rose 1.3 percent last month.

European shares closed lower, with a mixed batch of company results sparking profit-taking, a day before the European Central Bank is expected to signal a reduction in its bond-buying scheme, gradually withdrawing post-crisis stimulus.

United States long-dated treasury yields rose to multi-month highs, boosted by a strong USA durable goods report, optimism about tax reform and the upcoming announcement of President Donald Trump's nominee to head the Federal Reserve.

Benchmark 10-year note yields hit seven-month highs, with the price last down 8/32 in price to yield 2.4353 percent, from 2.406 percent late on Tuesday. The No.1 US automaker reported stronger-than-expected earnings, reaffirmed its full-year earnings forecast and promised to slash stocks of unsold vehicles.



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