cloudy
Tuesday November 13th, 2018 7:42PM

US stocks edge mostly lower after a big post-election surge

By The Associated Press
Related Articles
  Contact Editor

NEW YORK (AP) — Stocks in the U.S. are slightly lower Thursday afternoon after a big rally the day before. Technology and internet companies are slipping after chipmaker Qualcomm gave a disappointing revenue forecast for the current quarter. Banks are rising as the Federal Reserve wraps up its latest meeting. Stocks have surged over the past week as the market recovered from its October swoon, and they jumped a day ago following the U.S. midterm elections.

KEEPING SCORE: The S&P 500 index shed 5 points, or 0.2 percent, to 2,808 as of 1:15 p.m. Eastern time. The S&P 500 jumped 2.1 percent Wednesday. That was its sixth gain in the last seven trading days, a rally that's helped stocks make up a lot of the ground they lost in October.

The Dow Jones Industrial Average edged up 36 points, or 0.1 percent, to 26,216. The Nasdaq composite dipped 34 points, or 0.6 percent, to 7,536 after it surged 2.6 percent a day earlier. The Russell 2000 index of smaller-company stocks was little changed at 1,581.

Stocks climbed Wednesday after the midterm elections generally went the way investors thought they would. The Democrats took control of the House of Representatives while the Republicans held on to a majority in the Senate. That means that politics appears that much less likely to crowd out the performance of the strong U.S. economy. A Federal Reserve meeting ending Thursday is not expected to result in an interest rate hike.

COMM ON: Chipmaker Qualcomm had a stronger-than-expected fourth quarter, but investors were startled by its forecasts for the current period. It's projecting revenue of $4.5 billion to $5.3 billion, far below the $5.6 billion analysts expected, according to FactSet. Its stock lost 7.2 percent to $58.65.

Apple stopped making royalty payments to Qualcomm following a dispute between the companies, and later decided to stop using Qualcomm modems in some of its products. Qualcomm said both of those changes have hurt its results.

BONDS: Bond prices were steady. The yield on the 10-year Treasury note remained at 3.23 percent. The Federal Reserve will conclude its latest meeting Thursday and it's not expected to raise interest rates, but traders will examine the central bank's statement for signs about its plans for the economy. The Fed has been steadily raising rates over the last three years and is expected to increase its benchmark rate again in December.

Banks climbed as long-term interest rates remained near highest levels of this year. Bank of America gained 1.7 percent to $29.04 and U.S. Bancorp rose 1.1 percent to $53.15. The financial sector rose Wednesday, but not as much as the rest of the market.

High-dividend stocks fell. NextEra Energy lost 0.6 percent to $172.56 and timberland real estate owner Weyerhauser dipped 1.7 percent to $27.03. Those stocks climbed in October as the rest of the market dropped because investors consider them safe options, but they've faded recently as stocks stabilized and high-growth companies started to do better.

HOME WRECKED: D.R. Horton, one of the largest homebuilders, fell 5.7 percent to $35.44 after its earnings and sales fell short of Wall Street forecasts. The company said rising home prices and mortgage rates are affecting demand. That exact combination has been weighing on home sales and the stocks all year. Other homebuilders were mixed. PulteGroup fell 1.6 percent to $24.69 but NVR added 1.7 percent to $2,340.

WYNN LOSES: Wynn Resorts dropped 12.2 percent to $100.06 after the casino operator said its business in Macau has slowed down recently.

ENERGY: Benchmark U.S. crude oil fell 1.3 percent to $60.88 a barrel in New York, and Brent crude lost 1.3 percent to $71.10 a barrel in London.

U.S. crude oil traded at around $76 a barrel in early October, its highest price in almost four years. It's dropped almost 20 percent since then as government fuel stockpiles have expanded and U.S. issued waivers to a number of countries, allowing them to continue importing oil from Iran in spite of new sanctions on that country.

MONSTER MASHED: Monster Beverage slid 3.3 percent to $54.04 after it said Coca-Cola is developing two energy drinks that could compete with Monster's products. The two companies have a partnership, and Monster said it believes Coca-Cola is not allowed to market the new products under that deal. It said Coca-Cola won't start selling the drinks until April while the companies take the dispute to arbitration.

OVERSEAS: Germany's DAX lost 0.4 percent and the British FTSE 100 picked up 0.3 percent. The CAC 40 in France was 0.1 percent lower.

The Japanese Nikkei 225 rallied 1.8 percent and South Korea's Kospi rose 0.7 percent. In Hong Kong, the Hang Seng added 0.3 percent.

CURRENCIES: The dollar rose to 113.92 yen from 113.34 yen. The euro fell to $1.1394 from $1.1455.

____

AP Markets Writer Marley Jay can be reached at http://twitter.com/MarleyJayAP

  • Associated Categories: Associated Press (AP), AP Business, AP Business - Corporate News, AP Business - Economy, AP Business - Financial Markets, AP Business - Industries, AP Business - Financial Services, AP Business - Utilities
© Copyright 2018 AccessWDUN.com
All rights reserved. This material may not be published, broadcast, rewritten, or redistributed without permission.
Ginsburg, 85, hospitalized after fracturing 3 ribs in fall
The Supreme Court says 85-year-old Justice Ruth Bader Ginsburg fractured three ribs in a fall in her office at the court and is in the hospital
11:28AM ( 5 minutes ago )
'Horrific scene': 13 dead including gunman at California bar
Thirteen people including a sheriff's sergeant and a gunman are dead in a mass shooting at a Southern California country dance bar
11:27AM ( 6 minutes ago )
AP sources: Notre Dame QB Wimbush to start for ailing Book
AP sources: No. 3 Notre Dame will start QB Brandon Wimbush vs Florida State for injured Book
11:18AM ( 16 minutes ago )
Associated Press (AP)
Italy's budget row with EU escalates ahead of deadline
Italy insists it is sticking with its plan to rapidly increase public spending as a row with the European Union over the budget intensified following a gloomy set of forecasts
10:54AM ( 40 minutes ago )
Norwegian frigate is rammed by tanker in harbor, could sink
Norway's military says an oil tanker has rammed a Norwegian navy frigate in a harbor on the country's western coast, tearing a large hole in the frigate's side
10:51AM ( 43 minutes ago )
Woman who spent $21M at Harrods bailed, fights extradition
Like many people, Zamira Hajiyeva often dropped by a neighborhood shop, just down the street from her London home, to pick up a few things _ including gem-encrusted jewelry and a cellar-full of fine wines
10:44AM ( 50 minutes ago )
AP Business
Newly empowered Dems take aim at Trump business conflicts
House Democrats prepared to use their majority and subpoena power to go after Trump financial records
8:56AM ( 2 hours ago )
Poland signs deal for long-term deliveries of US gas
Poland's main gas company has signed a long-term contract to receive deliveries of liquefied natural gas from the United States as part of a larger effort to reduce its energy dependence on Russia
6:01AM ( 5 hours ago )
Nissan sees profit dip as sales fall, offsetting cost cuts
Japanese automaker Nissan is reporting an 8 percent fall in profit for the latest quarter as declining sales offset the benefits of cost cuts
3:58AM ( 7 hours ago )
AP Business - Corporate News
EU expects Italy's growth to lag euro countries through 2020
The European Union expects economic growth across the 19-country eurozone to slow down over the coming years amid rising trade tensions around the world and higher oil prices
8:35AM ( 2 hours ago )
World stocks settle after US election-inspired rally
World stock markets have stabilized after rallying on the result of the U.S. midterm elections, which quelled fears of a drastic shift in policies.
7:49AM ( 3 hours ago )
Eurozone economy seen slowing through to 2020
The European Union expects economic growth across the 19-country eurozone to slow down over the coming years amid rising trade tensions around the world and higher oil prices
7:04AM ( 4 hours ago )
AP Business - Economy
Election Impact: Health care stocks jump following midterms
The outcome of the midterm elections was good for the stock market in general, mostly because it didn't produce any big surprises, but it was especially good for the health care industry and several other companies.
3:38PM ( 19 hours ago )
US stocks surge after midterms; tech and health care jump
US stocks are climbing after the U.S. midterm results showed the Democrats winning control of the House of Representatives and Republicans keeping a majority in the Senate, an outcome that was widely expected
3:08PM ( 20 hours ago )
Stocks rise broadly after midterms; tech, health care lead
US stocks are rising broadly after the U.S. midterm results showed the Democrats winning control of the House of Representatives and Republicans keeping a majority in the Senate, an outcome that was widely expected
12:57PM ( 22 hours ago )
AP Business - Financial Markets
Norwegian frigate could sink after being rammed in harbor
A Norwegian Navy frigate has been rammed by a tanker while docked in a harbor on the country's west coast, the military says
8:31AM ( 3 hours ago )
Banks could face tighter scrutiny under Rep. Maxine Waters
With Democrats taking control of the House of Representatives, Rep. Maxine Waters, who has called for more regulation of banks, is expected to become chairwoman of the powerful House Financial Services Committee
6:26PM ( 17 hours ago )
US consumer borrowing up solid $10.9 billion in September
US consumer borrowing up solid $10.9 billion in September despite drop in credit card borrowing
3:23PM ( 20 hours ago )
AP Business - Industries
Industrials, tech lead US stocks higher ahead of elections
Major U.S. indexes finish broadly higher as technology, industrial and basic materials stocks recover some of the steep losses they took in October
4:25PM ( 1 day ago )
Ahead of elections, industrials lead US stocks higher
Stocks are mostly higher as industrial and basic materials makers recover some of the steep losses they took in October
3:12PM ( 1 day ago )
US stocks rise as tech and industrial companies bounce back
Stocks are rising as technology and industrial companies recover some of the steep losses they took in October
2:02PM ( 1 day ago )
AP Business - Financial Services
Ginsburg, 85, hospitalized after fracturing 3 ribs in fall
The Supreme Court says 85-year-old Justice Ruth Bader Ginsburg fractured three ribs in a fall in her office at the court and is in the hospital
11:28AM ( 6 minutes ago )
'Horrific scene': 13 dead including gunman at California bar
Thirteen people including a sheriff's sergeant and a gunman are dead in a mass shooting at a Southern California country dance bar
11:27AM ( 6 minutes ago )
AP sources: Notre Dame QB Wimbush to start for ailing Book
AP sources: No. 3 Notre Dame will start QB Brandon Wimbush vs Florida State for injured Book
11:18AM ( 16 minutes ago )
The Latest: US flags at half-staff to honor bar victims
President Donald Trump has ordered that the U.S. flag be flown at half-staff in respect for the victims of the shooting at a bar in Thousand Oaks, California
11:17AM ( 16 minutes ago )
Pressures rise for homebuilders as rates hit 7-year high
Major homebuilders are taking a beating as rising interest rates and home prices rise, keeping potential buyers on the sidelines
11:15AM ( 19 minutes ago )