© Reuters. On Monday, traders work while trading on Wall Street in New York. Photo: Brendan McDermid / Reuters.
NEW YORK (Reuters) – US equities interrupted two days of gains on Wednesday as a decline in Abbott Laboratories shares and a rise in Treasury yields weakened the momentum of the current earnings season.
The 10-year yield hit its highest level in over 14 years, as weak real estate data did little to change expectations that the Federal Reserve would continue its aggressive approach to raising interest rates to curb the ‘inflation.
Abbott Laboratories recorded a decline after experiencing lower-than-expected growth in international medical device sales, weighed down by the strength and procurement challenges in China.
Meanwhile, third-quarter earnings growth expectations for companies listed on the Standard & Poor’s 500 index rose to 3% from 2.8% on Tuesday, according to Refinitiv data, still well below expectations for an 11.1 increase in early July.
According to preliminary data, the Standard & Poor’s 500 Index fell 24.09 points, or 0.65 percent, to close at 3695.89 points, while the Nasdaq Composite Index lost 89.45 points, or 0. , 82 percent, to 10,684.07 points. The industrial index also fell 84.73 points, or 0.28 percent, to 30,439.07 points.
(Prepared by Ali Khafagy for the Arabic Bulletin – Edited by Mustafa Saleh)
