The actions go down, returning something from a great rally.
The actions go down, returning something from a great rally.
US stocks are falling on Wednesday after their biggest gain in more than six months. Homebuilders are sinking after the Commerce Department said that the construction of new homes fell in September and that retailers are also much lower. IBM fell after it announced disappointing quarterly earnings. Netflix He jumped after it announced big subscriber gains, easing investors after shares plummeted during the summer.
KEEP THE SCORE: The S & P 500 Index fell 11 points, or 0.4 percent, to 2,798 at 11:30 a.m. Eastern Time. The Dow Jones Industrial Average fell 147 points, or 0.6 percent, to 25,650, while IBM fell sharply. Previously he lost up to 319 points. The Nasdaq compound slipped 30 points, or 0.4 percent, to 7,614. The Russell 2000 index of shares of smaller companies lost 17 points, or 1.1 percent, to 1,579.
Stock trading has been erratic recently, including a six-day losing streak that included huge falls on Wednesday and Thursday. Then on Friday, the S & P 500 rose 1.4 percent, its biggest rally in three months fell on Monday and rose again on Tuesday. The trade had been stable from the end of June to the beginning of October.
CRIBS: Housing construction in the United States fell 5.3 percent in September, according to the Department of Commerce. The pace of housing construction has slowed since May, and the report is the latest sign that the increase in mortgage rates may be affecting the market. Mortgage buyer Freddie Mac says the average 30-year fixed-rate mortgage rose to 4.9 percent last week, the highest level since 2011. The combination of higher borrowing costs and rising home values has made home ownership less affordable.
Lennar lost 3.2 percent to $ 42.71 and PulteGroup lost 4 percent to $ 22.67. DR. Horton slipped 3.1 percent to $ 37.45. Home Depot fell 4.4 percent to $ 185.06 and Lowe's sank 3.3 percent to $ 102.50. Home improvement retailers have escalated in recent years as rising home prices forced many homeowners to renovate their own homes instead of trying to buy new ones.
Other retailers also fell. Target lost 1.7 percent to $ 84.36 and Macy's dropped 4.3 percent to $ 32.05.
BIG BLUES: IBM fell 7.1 percent to $ 134.82 after its third-quarter sales fell short of analysts' estimates. The technology company is on track for its worst loss since April. Other large technology companies also collapsed. Oracle fell 1.2 percent to $ 47.68 and Apple lost 0.5 percent to $ 221.08.
THE NEXT EPISODE: Netflix was up 6.4 percent at $ 368.45, which put the video streaming company on track for its biggest gain in six months. It reported surprisingly strong subscriber growth in the third quarter and captured 7 million users, a total that exceeded Netflix's own projections, as well as analysts' forecasts.
The shares reached a record level in early July and plummeted after they reported disappointing subscriber totals and gave a weak forecast for the third quarter a few days later. In mid-August, the shares had fallen 24 percent, a major setback for one of the biggest gainers on Wall Street in recent years.
The big win for Netflix meant that Internet stocks were slightly higher, unlike most other action groups. Technology companies and retailers took the worst losses.
RED LIGHT FOR AUTOMATORS: Goldman Sachs analyst Gungun Verma said the third quarter will be difficult for European car companies. He said demand in China is decreasing, while production in Europe is declining and has also been weak in Latin America. He lowered Michelin's shares. Fiat Chrysler fell 5.2 percent to $ 15.96 and Ferrari fell 3.2 percent to $ 117.82. General Motors fell 2 percent to $ 31.68.
CLEANED FOR THE TAKEOFF: The airlines advanced following United's quarterly report. The company said it is spending the full impact of higher fuel prices to its customers and raised its forecast for the rest of the year. Its shares rose 3.7 percent to $ 86.63 and the US gained 1.6 percent to $ 33.82.
BONDS: The prices of the bonds were modified little. The yield on the 10-year Treasury bond remained at 3.15 percent.
ENERGY: the reference crude of EE. UU It lost 2.5 percent to $ 70.14 per barrel in New York. Brent crude, the international standard, fell 2.1 percent to $ 79.70 per barrel in London.
COINS: The dollar fell to 112.10 yen from 112.18 yen. The euro fell to $ 1.1540 from $ 1.1578.
Abroad: Germany's DAX fell 0.8 percent and French CAC 40 lost 0.9 percent. In Britain, the FTSE fell 0.5 percent.
Japan's Nikkei 225 benchmark jumped 1.3 percent and Kospi in South Korea advanced 1 percent. The markets in Hong Kong were closed for a holiday.
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You can contact the AP Markets writer, Marley Jay, at http://twitter.com/MarleyJayAP
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