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Key Takeaways
- U.S. equities were lower at midday Wednesday, Jan. 17, 2024 as bond yields rose following better-than-expected retail sales amid worries the Fed might not cut interest rates as much as anticipated this year.
- Charles Schwab shares slid as its profit and sales slumped on lower interest revenue and a regulatory fee.
- Tesla slashed prices of its Model Y in Europe, and shares of the EV maker sank.
U.S. equities lost ground at midday as bond yields rose following better-than-expected retail sales amid worries the Fed might not cut interest rates as much as anticipated this year. The Dow, S&P 500, and Nasdaq were all down.
Charles Schwab (SCHW) shares dropped as the discount brokerage and financial services company’s interest revenue tumbled and it paid a $172 million regulatory charge.
Shares of Tesla (TSLA) also declined as the electric vehicle (EV) maker cut prices in Europe of its most-popular EV, the Model Y, as demand slowed.
Shares of rival Ford (F) slid following a downgrade from UBS, which said the car maker could face tough competition.
Estée Lauder (EL) shares declined amid concerns about economic growth in China, where the beauty products manufacturer has struggled with sales.
Boeing (BA) shares, which had tumbled recently on worries about the safety of its 737 Max 9 planes, rose after federal officials said they had completed inspections of an initial group of 40 aircraft.
The yield on the 10-year Treasury note moved up to 4.1%. Oil and gold futures fell. The U.S. dollar gained on the euro and yen, but lost ground to the pound. Most major cryptocurrencies traded lower.
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