News Column

US stocks slip early ahead of earnings reports

July 8, 2014

BERNARD CONDON, AP Business News



NEW YORK (AP) U.S. stocks are slipping in early morning trading Tuesday as investors await a string of corporate earnings reports this week. The Dow Jones industrial average fell below 17,000 for the first time since crossing that threshold last week on news that employers have been hiring more.

KEEPING SCORE: The Dow index fell 110 points, or 0.6 percent, to 16,913 about 45 minutes after the market opened. The Standard & Poor's 500 fell 11 points, or 0.7 percent, to 1,965. The Nasdaq composite fell 48 points, or 1.1 percent, to 4,403.

EARNINGS WATCH: Investors are watching for earnings reports for clues about the strength of the U.S. economy. Earnings reports begin in earnest when Alcoa reports its quarterly results after the U.S. stock market closes Tuesday.

EUROPE: France's CAC-40 fell 1 percent and Germany's DAX fell 0.8 percent. Britain'sFTSE 100 slipped 0.9 percent.

ASIA: In Asia, Japan'sNikkei 225 index slipped 0.4 percent. Hong Kong's Hang Seng ended flat. China is due to release inflation figures, which are a key indicator for both policy and economic performance, on Wednesday. Meanwhile, investors are also watching for the outcome of a presidential election Thursday in Indonesia, the world's most populous Muslim nation and its third-largest democracy.

DEAL SWEETENER: Drugmaker AbbVie fell $1.20, or 2 percent, to $56.20 after news that it boosted its offer to buy another drug company, Shire. The target, known for its rare-disease drugs, has rejected three AbbVie offers.

BONDS AND OIL: Government bond prices rose. The yield on the 10-year Treasury note fell to 2.57 percent from 2.61 percent late Monday. In energy markets, U.S. crude for August delivery fell 17 cents to $103.36.


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Source: Associated Press


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