TSX retreats as oil prices fall, U.S. yields climb

TSX retreats as oil prices fall, U.S. yields climb

USA stock indexes swung between gains and losses on Wednesday, as Boeing's jump after upbeat results and outlook was negated by declines in technology stocks and rising US bond yields.

The Dow finished 59 points higher, up 0.25 per cent to 24,083.

The S&P 500 index skidded 35.73 points, or 1.3 percent, to 2,634.56. The Nasdaq composite dropped 148 points, or 2.1 percent, to 6,983.

U.S. stocks tumbled Tuesday after a warning from executives of the industrial giant Caterpillar scared investors and the 10-year Treasury yield climbed to 3 percent for the first time since 2014.

Wall Street limped into positive territory on Wednesday on optimism over a spate of upbeat earnings that was almost offset by jitters over rising USA bond yields and corporate costs. 3M said raw materials costs are rising, especially for materials derived from crude oil, whose price has been rising, and transportation and logistics expenses are rising as well.

It wouldn't be a morning without checking in on the 10-year yield Treasury yield, which has dipped below 3% this morning to 2.99%.

Other industrial, technology and basic materials companies also took sharp losses.

Technology stocks also weighed on the major indexes.

"It's not a mystery why these things are happening", Baumohl said.

MISPRINT: Alphabet slid 5 percent to $1,020.22 after the company said ad revenue climbed, but expenses also rose. Elsewhere, aerospace company Boeing lost 2.9 percent to $329.06.

The yield on 10-year U.S. Treasury notes, the benchmark for global interest rates, held above 3 percent after crossing the level for the first time in four years on Tuesday, stoking concerns about higher borrowing rates for companies.

However, Twitter fell 2.4percent after the social media company said it expects a slowdown in revenue growth and increasing costs, putting a damper on its otherwise upbeat earnings report. YIELDS QUESTION: Bond prices slipped again Tuesday.

USA crude oil futures settled 1.4 per cent lower at $67.70 a barrel as concerns faded over the possibility that the United States might reinstate sanctions against Iran. The stock tumbled nearly 4% Tuesday after higher expenses at Google parent Alphabet raised concerns about profitability for the tech titans.

Shares of Boeing rose 4.2percent after the company posted better-than-expected profits amid strong commercial airliner sales, leading it to raise its forecasts after a record 2017. The VIX Volatility Index was lower at 17.84 for a loss of -0.18 points or -1.00%.

Another market favorite, Amazon, shed 3.6 percent to $1,462.70.

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