Stocks decline as chip stocks slump, JB Hunt and Travelers report below-consensus earnings.

From Nasdaq: 2024-04-17 18:11:10

US stock indexes closed lower on Wednesday, with S&P 500 and Nasdaq 100 hitting 1-3/4 month lows. Chip stocks slumped after ASML’s weak Q1 sales. JB Hunt and Travelers reported below-consensus Q1 earnings, causing stock prices to drop. United Airlines surged over 17% on a smaller-than-expected Q1 loss. The Fed Beige Book reported a slightly expanding US economy with cost challenges. Geopolitical risks in the Middle East linger. Mortgage applications rose 3.3%. Globally, European government bond yields fell, while China’s stocks rose to a 1-week high and Japan’s Nikkei hit a 2-month low.Interest rates were lower, as 10-year T-note yields dropped on strong demand and carryover support from European bonds. ECB officials discussed inflation and monetary policy changes. US stock movers included JB Hunt, Travelers, ASML, airlines, and tech stocks. Utility stocks rose as T-note yields fell. Major earnings reports for April 18 include companies like Blackstone, DR Horton, Netflix, and PPG Industries.



Read more at Nasdaq: Stocks Post Moderate Losses as Chip Stocks Retreat