US Equity Indexes Decline in Midday Trading

MT Newswires Live
01-25

US equity indexes slipped with government bond yields in midday trading Friday after a consumer sentiment gauge was revised downwards.

The Nasdaq Composite fell 0.1% to 20,040.1, with the S&P 500 down slightly to 6,118.5 and the Dow Jones Industrial Average dropping 0.1% to 44,529.7. Energy and technology led the decliners while real estate and communication services were among the top gainers.

In economic news, the University of Michigan consumer sentiment index was revised downwards on Friday to 71.1 for January from 73.2 in the preliminary estimate, compared with expectations for no revision in a survey compiled by Bloomberg. That was below the final reading of 74.0 in December.

Meanwhile, the Kansas City Federal Reserve's monthly composite services index fell to a reading of minus 4 in January after declining to an upwardly revised reading of 4 in December. A reading above zero indicates growth and a reading below zero suggests contraction.

Most US Treasury yields fell, with the benchmark 10-year retreating 2.2 basis points to 4.62%. The two-year rate dropped 3.7 basis points to 4.25%.

In company news, NextEra Energy's (NEE) shares jumped 4.8% intraday, the top performer on the S&P 500, after the company reported a year-over-year decline in Q4 operating revenue that also missed market expectations.

The worst performer on the index as well as the Nasdaq was Texas Instruments (TXN), whose shares slumped 6% intraday after the company reported Q4 earnings and revenue that fell from a year ago.

West Texas Intermediate crude oil futures slipped 0.2% to $74.51 a barrel.

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