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Markets Right Now: Stocks end mixed after early rally fades

16 May 2018

After around three weeks of consolidating around the 3% mark, the 10 year Treasury yield has surged higher overnight - it is now up 8 bps at 3.08%, its highest level since 2011.

The Dow Jones Industrial Average lost 193 points, or 0.78 percent, to 24,706.41.

The S&P 500 index fell 18 points, or 0.7 percent, to 2,712.

US imposes sanctions against Iran central bank governor
Sometimes, when the USA punishes people with sanctions, it prohibits Individuals or US firms from doing enterprise with them. Those funds were then used to "enrich and support the violent and radical agenda of "Hezbollah"," Treasury said.

France's CAC 40 inched up 0.2 percent to 5,548, while Britain's FTSE 100 rose by the same rate to 7,726. Among the worst performers on the S&P 500, Agilent Technologies (A) shares dropped almost 10% after the maker of medical instruments and other equipment posted quarterly earnings that matched forecasts late Monday.

The benchmark 10-year note's yield climbed to 3.09% in afternoon trading, and it is up more than 67.1 basis points in 2018, according to data from bond platform Tradeweb.

Treasury yields surged higher after April retail sales came in as expected with a 0.3% month-over-month increase, but the March increase was revised higher to 0.8% from 0.6%, and core retail sales jumped 0.4%. The Nasdaq is up 4 percent. At 3.08% earlier today, it was the highest yield since July 2011. South Korea's Kospi slipped 0.7 percent to 2,458.54 while Hong Kong's Hang Seng dropped 1.2 percent to 31,152.03.

World Health Organization plans to eliminate trans-fat from food by 2023
They have been known to raise levels of cholesterol and increase risk of heart disease, stroke and diabetes. Manufacturers have used them to give their products a longer shelf life than other fats.

Stocks are broadly higher at midday on Wall Street as investors hope that trade tensions will ease between the US and China.

Among the S&P industry groups, the rate-sensitive real estate space ended at the bottom of the standings with a 1.7% loss, including a 3.8% rout in the iShares U.S. Home Construction ETF. Losers led winners by a 2-1 margin on the NYSE and by 6-to-5 on the Nasdaq.

Benchmark U.S. crude oil reversed an early side, rising 35 cents to settle at $71.31 a barrel in NY.

Wife of PGA golfer Lucas Glover arrested on domestic violence charges
Lucas released a statement on Twitter this morning explaining the situation and asked for the public to respect their privacy. Krista told police she had been attacked by Lucas' mother, but police reported no visible injuries.

CURRENCIES: The dollar rose to 109.97 yen from 109.53 yen late Monday. NXP's share price rose by 11.9% and Qualcomm added 2.7% to its value. Nvidia fell 4.4 percent to $244.13. Williams said he thought the "new normal" for the neutral rate was around 2.5% (he added that he didn't expect the fiscal stimulus to have any more than a 0.25% impact on neutral) while Kaplan put it in a range of 2.5-3%.

Markets Right Now: Stocks end mixed after early rally fades