Chipmakers drag stocks after bearish note, U.S. crude slides | Reuters
NEW YORK (Reuters) - Declines in chipmaker shares weighed on stocks across the globe on Monday, while U.S. energy shares fell as crude dropped and the dollar slipped against the yen. A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S
NEW YORK (Reuters) - Declines in chipmaker shares weighed on stocks across the globe on Monday, while U.S. energy shares fell as crude dropped and the dollar slipped against the yen. A street sign for Wall Street is seen outside the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S. December 28, 2016. REUTERS/Andrew Kelly U.S. chipmaker stocks .SOX fell 1.0 percent after closing at a record high on Friday. A Morgan Stanley note on global technology downgraded Samsung and Taiwan Semiconductor and argued it is time for a pause for chipmakers, which have seen stellar performance this year. Tech stocks in Europe .SX8P fell 0.7 percent. “The (stock) market is looking at the rest of the world and seeing it’s a little bit soft, while the early read on holiday sales has been pretty good,” said Scott Brown, chief economist at Raymond James in St. Petersburg, Florida. The Consumer Discretionary sector .SPLRCD was among the top boosts to the S&P, lead by Amazon, as sales data indicated an upbeat consumer during the first weekend of the U.S. holiday shopping season. The Dow Jones Industrial Average .DJI rose 30.43 points, or 0.13 percent, to 23,588.42, the S&P 500 .SPX lost 0.29 points, or 0.01 percent, to 2,602.13 and the Nasdaq Composite .IXIC dropped 8.62 points, or 0.13 percent, to 6,880.54. The pan-European FTSEurofirst 300 index .FTEU3 lost 0.43 percent and MSCI's gauge of stocks across the globe .MIWD00000PUS shed 0.29 percent. Emerging market stocks lost 0.92 percent. MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS closed 0.9 percent lower, while Japan's Nikkei .N225 lost 0.24 percent. Energy stocks fell the most on the S&P 500 .SPNY, down 0.9 percent. The slide tracked a 1.31 percent decline in U.S. crude CLcv1 to $58.18 per barrel while Brent LCOcv1 was last at $63.87, up 0.02 percent on the day. FILE PHOTO: A man shelters under an umbrella as he walks past the London Stock Exchange in London, Britain August 24, 2015. REUTERS/Suzanne Plunkett/File PhotoThe dollar index .DXY rose 0.13 percent, with the euro EUR= down 0.26 percent to $1.1899. The Japanese yen strengthened 0.45 percent versus the greenback at 111.04 per dollar. Sterling GBP= was last trading at $1.3321, down 0.10 percent on the day. Slideshow (2 Images)Treasury yields rose briefly after data showed U.S. new home sales surged to their highest in 10 years and were last little changed on the day. Benchmark 10-year notes US10YT=RR last rose 3/32 in price to yield 2.3294 percent, from 2.34 percent late on Friday. The gap between U.S. 2-year note and U.S. 10-year note yields US2US10=TWEB contracted to 56.30 basis points, the tightest in over a decade. The gap was last at 58.3 basis points. The 30-year bond US30YT=RR last fell 3/32 in price to yield 2.7654 percent, from 2.761 percent late on Friday. Spot gold XAU= added 0.5 percent to $1,294.83 an ounce. U.S. gold futures GCcv1 gained 0.56 percent to $1,294.50 an ounce. Copper CMCU3 lost 1.04 percent to $6,929.00 a tonne.
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