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Wall Street ends down as Treasury yields fall on slowdown worries

Stock Markets Mar 27, 2019 04:38PM ET
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By Caroline Valetkevitch

NEW YORK (Reuters) - U.S. stocks eased on Wednesday as Treasury bond yields fell again and a prolonged inversion in the yield curve fanned fears of a U.S. economic slowdown.

Benchmark 10-year Treasury yields slid, but came off 15-month lows reached overnight, as investors remained focused on central bank dovishness globally.

The yield curve inverted for the first time since 2007 on Friday and, if the inversion persists, some experts say it could indicate a recession is likely in one to two years.

Bank and financial stocks fell, with the S&P 500 financial index ending down 0.4 percent.

"The inverted yield curve, that's what worries investors and it's why you're getting selling here. It's definitely a slowing economy indicator, and whether it goes into a recession or not, nobody really knows. But it will put a pause in the market," said Alan Lancz, president of Alan B. Lancz & Associates Inc, an investment advisory firm based in Toledo, Ohio.

Worries about global growth have risen recently amid weak economic data, and the Federal Reserve last week abandoned projections for any interest rate hikes this year.

The European Central Bank became the latest central bank to delay a planned increase in rates amid rising threats to growth.

The Dow Jones Industrial Average fell 32.14 points, or 0.13 percent, to 25,625.59, the S&P 500 lost 13.09 points, or 0.46 percent, to 2,805.37 and the Nasdaq Composite dropped 48.15 points, or 0.63 percent, to 7,643.38.

Lennar Corp (NYSE:LEN) rose 3.9 percent as the No. 2 U.S. homebuilder said it expected the housing market to improve, while shares of KB Home, which reported upbeat results late Tuesday, were up 2.7 percent.

Also helping was a survey that showed mortgage applications in the week ended March 22 rose nearly 9 percent amid lower interest rates, according to the Mortgage Bankers Association.

Centene (NYSE:CNC) Corp's shares fell 5 percent after the health insurer said it would buy smaller rival WellCare Health Plans Inc for $15.27 billion. Shares of WellCare jumped 12.3 percent.

Declining issues outnumbered advancing ones on the NYSE by a 1.26-to-1 ratio; on Nasdaq, a 1.39-to-1 ratio favored decliners.

The S&P 500 posted 29 new 52-week highs and 6 new lows; the Nasdaq Composite recorded 32 new highs and 64 new lows.

Volume on U.S. exchanges was 6.97 billion shares, compared with the 7.64 billion-share average for the full session over the last 20 trading days.

Wall Street ends down as Treasury yields fall on slowdown worries
 

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Comments (5)
Tim Boyd
Tim Boyd Mar 27, 2019 2:35PM ET
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How can we doubt a compulsive liar and narcissist? My goodness, how indeed...
Casino Crypt
CasinoCrypt Mar 27, 2019 1:13PM ET
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DT says Trade talks  are going well. He feels good about the negotiations. He wants a deal. Its all there in the sell. Folks you have to believe him. Only Trump can pull off the deal. Look at his record. How can you doubt him. Have faith in those tweets. The more he tweets the more I buy.
Jmesrine wtf
Jmesrine Mar 27, 2019 1:13PM ET
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Donald Trump will not only get kicked in 2020, but he will stay in history like the president who drove the world (and the US) into recession and destroyed the stock market by starting his trade war with China. There won't be any deal, there's gonna be nothing but a destroyed economy, a destroyed market and maybe a wall around the US !
Michael Folsom
Michael Folsom Mar 27, 2019 1:13PM ET
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Presidents get too much credit for the Economy. Not a fan of Trump but the debt cycle is what drives the Economy
Jmesrine wtf
Jmesrine Mar 27, 2019 1:13PM ET
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Michael Folsom The trade war did start the whole thing. Of course, a recession or a crisis would have come soon or later, but the first plunge of the stock market started just after Trump announced Tariff.
Michael Folsom
Michael Folsom Mar 27, 2019 1:13PM ET
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Jmesrine wtf  If you check the GDP trend for the past eight quarters, it does not coincide with the ẗrade war.  This has been an 11 year bull run associated with easy money policy.  You are giving the president too much credit.  It is not a political statement, as I am certainly not a fan of Trump.
Ji Go
Ji Go Mar 27, 2019 1:13PM ET
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Imagine the bargaining chip the Chinese delegation has. “Remember that soybean order?? Want us to yank it??” Good times.
Michael Folsom
Michael Folsom Mar 27, 2019 9:55AM ET
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Trump's proclamations are losing more steam each day. People recognize that the words are hollow.
Javan McDaniel
Javan McDaniel Mar 27, 2019 8:57AM ET
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trade talks "going well" are the only things that can "save" the stkm right now
Jack AAA
Jack_A Mar 27, 2019 8:57AM ET
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unfortunately, the magic words don't work any more, because like can't survive longer than truth.
 
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