Tag Archives: nasdaq

Wall Street enters third day of gains as trade fears ease

FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., July 6, 2018. REUTERS/Brendan McDermid

By Sruthi Shankar

(Reuters) – U.S. stocks rose on Monday, with bank stocks leading third day of gains in a row after strong U.S. jobs data from last week helped investors brush aside trade concerns.

The S&P financial index rose 1.3 percent, providing the biggest boost to the main S&P index. But gains were widespread, with technology, energy, industrials, consumer discretionary and healthcare stocks rising.

The United States and China engaged in tit-for-tat tariffs on Friday, both countries imposing duties worth $34 billion on each others’ goods. But the benchmark S&P 500 closed up 0.84 percent on Friday as many analysts said the move was already priced in, but warned that further escalation could dent the appetite for stocks.

China’s securities regulator said on Sunday it plans to ease restrictions on foreign investment in stocks listed on the Shanghai or Shenzhen exchanges to attract more foreign capital and support the economy.

The sentiment was largely upbeat after Friday’s U.S. payrolls report showed tame wages and more people looking for work, boosting optimism that the Federal Reserve would stay on a path of gradual interest rate increases.

“Last Friday’s gains managed to put a positive patina on what was otherwise a rather unimpressive week for equity investors,” Peter Kenney, senior market strategist at Global Markets Advisory Group in New York, wrote in a note.

“That tone could serve investors well this week as we launch into Q2 earnings season.”

At 9:49 a.m. ET the Dow Jones Industrial Average was up 193.11 points, or 0.79 percent, at 24,649.59, the S&P 500 was up 15.33 points, or 0.56 percent, at 2,775.15 and the Nasdaq Composite was up 46.97 points, or 0.61 percent, at 7,735.36.

All eyes will turn to second-quarter earnings reports, with banks JPMorgan, Wells Fargo and Citigroup scheduled to report on Friday.

S&P 500 companies are expected to report 21 percent growth in earnings per share for the June quarter, according to Thomson Reuters I/B/E/S. But focus will be on any warnings companies might give about the impact of trade tariffs.

U.S.-listed shares of Chinese companies Alibaba, JD.com and Baidu climbed after KeyBanc recommendations on the stocks.

Tesla was up 1.6 percent after automotive news website Electrek reported the company hiked prices of its Model X and S cars by over $20,000 in China due to tariffs.

Groupon jumped 8.8 percent after a Recode report that the daily deals website operator was looking for a buyer.

Advancing issues outnumbered decliners for a 2.53-to-1 ratio on the NYSE and a 2.16-to-1 ratio on the Nasdaq.

The S&P index recorded 17 new 52-week highs and no new lows, while the Nasdaq recorded 97 new highs and six new lows.

(Reporting by Sruthi Shankar in Bengaluru; Editing by Shounak Dasgupta)

U.S. Stock Markets Bounce Wall Street recovers after historic falls

A trader reacts on the floor of the New York Stock Exchange in New York, U.S., February 6, 2018.

By Tanya Agrawal

(Reuters) – U.S. stock markets bounced after a torrid opening on Tuesday, bargain-hunters and gains for Apple pushing the tech-heavy Nasdaq and the Dow Jones Industrial Average into positive territory after two days of heavy losses.

Both the S&P 500 and the Dow sank more than 4 percent on Monday, their biggest falls since August 2011, as concerns over rising U.S. interest rates and government bond yields hit record-high valuations of stocks.

New York’s three main indexes sank as much as 2 percent on the opening bell but they quickly moved back into positive territory.

An almost 2 percent gain for Apple was at the heart of an almost half percent gain for the Nasdaq Composite.

“Daily drops of 3 percent or more have been buying opportunities for the S&P 500 post financial crisis,” said Lori Calvasina, head of U.S. equity strategy at RBC Capital Markets.

At 9:49 a.m. ET (1449 GMT), the Dow Jones Industrial Average gained 0.25 percent to 24,406.14. The S&P 500 rose 0.2 percent to 2,654.25 and the Nasdaq 0.4 percent to 6,993.47.

(Reporting by Tanya Agrawal; Editing by Arun Koyyur and Patrick Graham)

U.S. yield curve flattens, world stocks dip; focus on possible December hike

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., September 8, 2017.

By Caroline Valetkevitch

NEW YORK (Reuters) – The U.S. Treasury yield curve flattened to a two-and-a half month low and key world stock markets fell on Thursday, as investors assessed indications from the U.S. Federal Reserve that it may raise interest rates a third time this year.

The Fed, as expected, also laid out plans to begin the unwinding of a decade of aggressive monetary stimulus, but took a more hawkish than expected stance at this week’s meeting.

“The meeting was definitely more hawkish than what the market was anticipating,” said Mary Ann Hurley, vice president in fixed income trading at D.A. Davidson in Seattle.

“We were definitely not pricing in another rate hike for this year,” Hurley said.

MSCI’s broad index of global stock markets was down 0.3 percent at 486.72.

The U.S. dollar earlier rose to a two-month high against the yen, while an index that measures the dollar’s strength against a basket of currencies dipped.

A Reuters poll late Wednesday of primary dealers, the banks authorized to transact directly with the Fed, showed that the Fed will resume rate hikes in December and raise borrowing costs three more times in 2018.

In Asia, the Bank of Japan kept its monetary spigots open at full.

The Treasury yield curve between five-year notes and 30-year bonds flattened to 92 basis points on Thursday, the lowest level since July 6. Intermediate-dated debt is more sensitive than longer-dated bonds to interest rate increases.

U.S. stocks pulled back from their all-time highs, though bank stocks cheered the prospect of higher interest rates which should help their profits. The S&P bank index was up 0.4 percent, adding to Wednesday’s gains.

The Dow Jones Industrial Average fell 17.83 points, or 0.08 percent, to 22,394.76, the S&;P 500 lost 3.67 points, or 0.15 percent, to 2,504.57 and the Nasdaq Composite dropped 23.08 points, or 0.36 percent, to 6,432.96.

Emerging markets shares were lower, with an index of emerging markets down 0.3 percent.

S&P Global became the second major rating agency this year to cut China’s credit score, citing worries about the country’s rising debt levels and the risks that posed for financial stability in the world’s second largest economy.FED,

China’s markets were already closed by the time it came but it kept the pressure on emerging markets stocks.

MSCI’s broadest index of Asia-Pacific shares outside Japan closed 0.69 percent lower.

Since the start of 2014, Reuters analysis shows that the big three rating agencies – S&P Global, Moody’s and Fitch – have racked up more than 155 emerging market downgrades between them, which averages out a roughly one a week.

The Japanese yen weakened 0.11 percent versus the greenback at 112.34 per dollar. The dollar index fell 0.29 percent.

Gold fell to its lowest in almost four weeks as investors continued to assess the Fed statement. Spot gold dropped 0.7 percent to $1,291.91 an ounce.

Oil prices were down slightly before a meeting of oil producers that could extend production limits.

U.S. crude fell 0.22 percent to $50.58 per barrel and Brent was last at $55.91, down 0.04 percent on the day.

 

(Additional reporting by Karen Brettell in New York, Marc Jones in London and Hideyuki Sano in Tokyo; Editing by Bernadette Baum)

 

Wall St. at record highs on technology, health stocks strength

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., June 2, 2017.

By Sinead Carew

NEW YORK (Reuters) – U.S. stocks rose on Monday, with the S&P 500 and the Dow Jones Industrial Average hitting record highs helped by a technology sector rebound and strength in healthcare and financial stocks.

Nasdaq’s biotechnology index rose 2.5 percent and was on track for its biggest one-day gain since February helped by stocks including Biogen Inc and Clovis Oncology while the S&P’s healthcare index  hit a record high.

The S&P technology sector was up 1.4 percent after its second straight weekly decline, which was triggered by fears of stretched valuations. Tech stocks have led the S&P 500’s 9.4 percent rally this year.

“(Technology) valuations are not cheap but it doesn’t seem to be a deterrent for buyers,” said Mark Luschini, chief investment strategist at Janney Montgomery Scott in Philadelphia. “Investors were temporarily chased from the space but many companies in the sector offer growth which is difficult to find in the market as a whole.”

Apple rose 3.8 percent to $146.07, providing the biggest boost to technology followed by Microsoft, Alphabet and Facebook.

The financial sector was also one of the benchmark’s strongest gainers with a 0.9 percent rise after New York Federal Reserve President William Dudley, a close ally of Fed Chair Janet Yellen, said U.S. inflation was a bit low but should rise alongside wages as the labor market continues to improve, allowing the U.S. central bank to continue gradually tightening monetary policy.

Yellen’s confidence as her team raised interest rates for the third time in six months last week surprised investors who had expected more caution about the economy following a set of weak U.S. economic data.

“That was notable in supporting the financial sector which does well under the prospects of better economic conditions and a steeper yield curve,” said Luschini.

The S&P 500 bank subsector was up 1.3 percent

At 2:48 P.M. (1848 GMT), the Dow Jones Industrial Average was up 119.2 points, or 0.56 percent, to 21,503.48, the S&P 500 had gained 16.44 points, or 0.68 percent, to 2,449.59 and the Nasdaq Composite had added 74.33 points, or 1.21 percent, to 6,226.08.

Biogen shares were one of the top three S&P percentage gainers with a 3.96 percent rise to $261.71, after it was upgraded to “neutral” from “sell” at UBS, which raise its price target to $270 from $262.

Shares of Clovis Oncology were up 46.9 percent at $88 after late-stage data on its already approved ovarian cancer drug.

The S&P tech sector is trading at about 18.7 times forward earnings, compared with the historical 10-year average of 14.5, according to Thomson Reuters Datastream.

Advancing issues outnumbered declining ones on the NYSE by a 1.68-to-1 ratio; on Nasdaq, a 1.92-to-1 ratio favored advancers.

The S&P 500 posted 49 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 99 new highs and 87 new lows.

(Additional reporting by Tanya Agrawal, Chuck Mikolajczak and Lewis Krauskopf; Editing by Saumyadeb Chakrabarty and James Dalgleish)

U.S. stocks open higher after strong private jobs data

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., May 31, 2017. REUTERS/Brendan

By Sweta Singh

(Reuters) – U.S. stocks were higher on Thursday after better-than-expected private sector hiring showed that the labor market continues to strengthen, further boosting chances of a rate hike by the Federal Reserve later this month.

The ADP private sector employment report showed that 253,000 jobs were added in May, well above the 185,000 jobs estimated by economists polled by Reuters.

The report by payrolls processor ADP acts as a precursor to the much-awaited nonfarm payrolls data, due on Friday, that includes hiring in both the public and private sectors.

“I think the Fed has already made up its mind. Unless we have a real weak employment data tomorrow I think it’s a go-ahead for the Fed to raise rates in June,” said Peter Cardillo, chief market economist at First Standard Financial in New York.

San Francisco Federal Reserve Bank President John Williams said on Wednesday he sees a total of three interest rate increases for this year as his baseline scenario, but views four hikes as also being appropriate if the U.S. economy gets an unexpected boost.

Forecasts from Fed officials suggest that a median of two more hikes are planned before the end of the year.

Traders priced in an 89 percent chance of a rate hike in the upcoming Fed meeting on June 14, according to Thomson Reuters data.

At 9:52 a.m. ET the Dow Jones Industrial Average was up 21.5 points, or 0.1 percent, at 21,030.15, the S&P 500 was up 6.16 points, or 0.25 percent, at 2,417.96 and the Nasdaq Composite was up 26.51 points, or 0.43 percent, at 6,225.03.    Seven of the 11 major S&P 500 sectors were higher, with the health and technology sectors leading the gainers.

The Institute for Supply Management is likely to report that its national manufacturing index slipped to 54.5 in May from 54.8 in April. The data is expected at 10:00 ET.

“We have a multitude of macro news coming out today and that will set the tone for the market’s direction … I think we are looking at another trying session,” Cardillo said.

Deere’s shares were up 1.9 percent at $124.74 after the farm and construction major said it would buy privately held German road construction company Wirtgen Group for $5.2 billion, including debt.

Goodyear Tire’s shares were up 5.7 percent at $34.03 after Morgan Stanley raised its rating to “overweight” from “underweight”.

Box Inc was up 3.9 percent at $19.40 after the cloud storage firm’s quarterly earnings edged ahead of Wall Street analysts’ expectations.

Advancing issues outnumbered decliners on the NYSE by 1,931 to 657. On the Nasdaq, 1,707 issues rose and 624 fell.

The S&P 500 index showed 28 new 52-week highs and 11 new lows, while the Nasdaq recorded 82 new highs and 70 new lows.

(Reporting by Sweta Singh in Bengaluru; Editing by Saumyadeb Chakrabarty and Anil D’Silva)

Wall Street rises with help from technology, financial, energy stocks

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S.,

By Sinead Carew

(Reuters) – The S&P 500 and the Nasdaq notched record closing highs on Monday, powered by demand for technology stocks after a global cyber attack and by rising oil prices.

Oil rose to the highest level in more than three weeks after top exporters Saudi Arabia and Russia said supply cuts needed to last into 2018, a step toward extending an OPEC-led deal to support prices for longer than originally agreed.

The rising oil prices and housing data drove optimism about the economy and helped make financial stocks <.SPSY> the second biggest driver for the S&P 500, behind the technology sector.

“The oil markets are acting well and that’s helping,” said R.J. Grant, head of trading at Keefe, Bruyette & Woods in New York, who also cited the strong corporate earnings season.

About 75 percent of S&P 500 companies that have reported quarterly results so far have beaten Wall Street expectations, according to Thomson Reuters data.

While data for New York state’s manufacturing sector was weaker than expected, U.S. homebuilder sentiment gave investors some confidence in the economy.

“We need that because there’s been a tug-of-war in this market as to whether this economy is peaking,” Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey, said, referring to the housing sentiment.

The Dow Jones Industrial Average was up 85.33 points, or 0.41 percent, to the S&P 500 gained 11.42 points, or 0.48 percent, to 2,402.32 and the Nasdaq Composite added 28.44 points, or 0.46 percent, to 6,149.67. Johnson & Johnson & and Cisco Systems were the biggest drivers for the S&P 500 after prominent analysts upgraded their ratings on the stocks.

Shares of cyber security firms jumped on expectations that they would benefit from greater spending after the global “ransomware” attack that began spreading across the globe on Friday. Shares of Fireye rose 7.5 percent, and Symantec and Palo Alto Networks  both gained around 3 percent. The 2.3 percent rise in Cisco was driven in party by its security technology business.

Nine of the 11 major S&P 500 sectors closed higher, with the materials index leading the percentage gainers.

Advancing issues outnumbered declining ones on the NYSE by a 3.10-to-1 ratio; on Nasdaq, a 2.04-to-1 ratio favored advancers.

The S&P 500 posted 46 new 52-week highs and 10 new lows; the Nasdaq Composite recorded 144 new highs and 53 new lows.

About 6.3 billion shares changed hands on U.S. exchanges on Monday compared with the 6.8 billion average for the last 20 sessions.

(Additional reporting by Caroline Valetkevitch in New York, Tanya Agrawal in Bengaluru,; Editing by Alistair Bell and Leslie Adler)

Wall St. flat as Fed meet kicks off; Nasdaq hits record

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., May 1, 2017. REUTERS/Brendan McDermid

By Tanya Agrawal

(Reuters) – Wall Street was little changed on Tuesday, with the Nasdaq Composite edging lower after eking out another record high, as the Federal Reserve’s meeting kicks off.

While the Fed is widely expected to stand pat on interest rates, investors are awaiting the central bank’s statement, due on Wednesday, for clues regarding the future path of rate hikes.

“While no one expects any changes to policy, the 500-word statement will probably provide some direction to the dollar,” said Hussein Sayed, chief market strategist at FXTM.

“‘Will the Fed acknowledge a slowdown in growth and thus send rate hike expectations lower for 2017?’ The Fed’s statement should be answering these questions, and based on that, traders will act.”

Strong corporate earnings for the first quarter have largely outweighed concerns about patches of weak economic data, including a report last week that showed the U.S. economy grew at its slowest pace in three years in the first quarter.

At 9:50 a.m. ET (1350 GMT) the Dow Jones Industrial Average <.DJI> was up 5.59 points, or 0.03 percent, at 20,919.05. The S&P 500 <.SPX> was down 1.45 points, or 0.06 percent, at 2,386.88 and the Nasdaq Composite <.IXIC> was down 6.52 points, or 0.11 percent, at 6,085.09.

Ten of the 11 major S&P 500 sectors were higher, with the industrials index’s <.SPLRCI> 0.34 percent rise leading the advancers.

Investors are bracing for another heavy week of corporate reports to see if quarterly earnings will keep on exceeding expectations.

Overall, profits at S&P 500 companies are estimated to have risen 13.6 percent in the first quarter, the most since 2011, according to Thomson Reuters I/B/E/S.

Shares of Apple <AAPL.O> rose as much as 0.8 percent to $147.69, hitting a record high for the second straight day. The stock was the biggest boost on the S&P and Nasdaq. The iPhone maker is due to report results after the close of market.

Dow component Pfizer <PFE.N> was down 1.2 percent at $33.36 after the drugmaker’s quarterly revenue missed estimates.

MasterCard <MA.N> rose 2.1 percent to $118.73 as the world’s second-largest payments network’s quarterly profit rose.

Advanced Micro Devices <AMD.O> tumbled 16.2 percent to $11.45 after the chipmaker’s second-quarter gross margins forecast raised some concerns.

Coach <COH.N> rose 6.2 percent to $41.12 after the handbag maker reported a higher-than-expected quarterly profit.

Declining issues outnumbered advancers on the NYSE by 1,321 to 1,263. On the Nasdaq, 1,300 issues fell and 1,052 advanced.

The S&P 500 index showed 30 new 52-week highs and four new lows, while the Nasdaq recorded 91 new highs and 19 new lows.

(Reporting by Tanya Agrawal in Bengaluru; Editing by Savio D’Souza)

Nasdaq tops 6,000, Dow surges as earnings impress

Traders work on the floor of the New York Stock Exchange (NYSE) in New York, U.S., April 20, 2017. REUTERS/Brendan McDermid

By Yashaswini Swamynathan

(Reuters) – The Nasdaq crossed the 6,000 threshold for the first time on Tuesday, while the Dow registered triple-digit gains as strong earnings underscored the health of Corporate America.

The tech-heavy Nasdaq rose as much as 0.70 percent to hit a record level of 6,026.02, powered by gains in index heavyweights Apple <AAPL.O> and Microsoft <MSFT.O>.

The index had breached the 5,000 mark on March 7, 2000 and closed above that level two days later during the height of the tech boom.

Tuesday’s gains build on a day-earlier rally, which was driven by the victory of centrist candidate Emmanuel Macron in the first round of the French presidential election. Polls show Macron is likely to beat his far-right rival Marine Le Pen in a deciding vote on May 7.

“Political headlines in Europe don’t tend to stick, but create buying opportunities more than having long-term consequences,” said Stephen Wood, chief market strategist at Russell Investments.

At 12:49 p.m. ET, the Dow Jones Industrial Average <.DJI> was up 235.96 points, or 1.14 percent, at 20,999.85, the S&P 500 <.SPX> was up 13.17 points, or 0.55 percent, at 2,387.32 and the Nasdaq Composite <.IXIC> was up 39.91 points, or 0.67 percent, at 6,023.73.

Investors are also keeping a close watch on the latest earnings season, hoping that companies will be able to justify their lofty valuations, which were spurred in part by President Donald Trump’s pro-growth promises.

Overall profits of S&P 500 companies are estimated to have risen 11 percent in the first quarter – the most since 2011, according to Thomson Reuters I/B/E/S.

Trump, who had promised to make “a big tax reform” announcement on Wednesday, has directed his aides to move quickly on a plan to cut the corporate income tax rate to 15 percent from 35 percent, a Trump administration official said on Monday.

The Dow outperformed other major sectors, largely due to a surge in Caterpillar <CAT.N> and McDonald’s <MCD.N> after they reported better-than-expected profits.

Eight of the S&P 500’s 11 major sectors were higher. DuPont’s <DD.N> 2.8 percent increase, following a profit beat, helped the materials sector <.SPRLCM> top the list of gainers.

Biogen <BIIB.O> jumped nearly 4 percent after the biotech company reported better-than-expected quarterly profit and revenue on Tuesday.

Advancing issues outnumbered decliners on the NYSE by 2,017 to 853. On the Nasdaq, 2,020 issues rose and 766 fell.

The S&P 500 index showed 80 52-week highs and three lows, while the Nasdaq recorded 194 highs and 36 lows.

(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Anil D’Silva)

Dow hits 12th record high close; Trump talks up infrastructure spending

Leaf Group CEO Sean Moriarty (4th L) stands amongst Leaf Group management and board members for the opening bell at the New York Stock Exchange (NYSE) in Manhattan, New York City, U.S.

By Caroline Valetkevitch

NEW YORK (Reuters) – U.S. stocks ended slightly higher on Monday and the Dow closed at a record high for a 12th straight session, as President Donald Trump said he would make a “big” infrastructure statement on Tuesday.

The Dow’s streak of record-high closes matches a 12-day run in 1987, with Boeing and UnitedHealth among the biggest boosts for the Dow on Monday. The S&P 500 also closed at a record high. Energy gave the biggest boost to the S&P 500, with the energy index up 0.9 percent.

Trump, who met with state governors at the White House, also said he is seeking what he called a “historic” increase in military spending of more than 9 percent, while he said his administration would be “moving quickly” on regulatory reforms.

The comments came ahead of Trump’s first address to a joint session of Congress Tuesday evening. Investors are looking for more specifics on Trump’s plans, given the hefty gains in the market since the Nov. 8 election.

“Things are moving along in terms of the Trump agenda, but we’ll get a clearer picture after tomorrow night so that might precipitate some buying or selling,” said Bucky Hellwig, senior vice president at BB&amp;T Wealth Management in Birmingham, Alabama.

Hellwig and others said there’s potentially more upside than downside from the address, given how the market has reacted in recent weeks.

Shares of U.S. defense companies – Boeing, Raytheon, General Dynamics and Lockheed Martin – rose after Trump said he would seek to boost Pentagon spending by $54 billion in his first budget proposal.

Boeing was up 1.1 percent while UnitedHealth was up 1.4 percent.

The Dow Jones Industrial Average was up 15.68 points, or 0.08 percent, to close at 20,837.44, the S&P 500 gained 2.39 points, or 0.10 percent, to 2,369.73 and the Nasdaq Composite added 16.59 points, or 0.28 percent, to 5,861.90.

In its 1987 12-day streak of record-high closes, the Dow rose 9.2 percent compared with just a 3.9 percent gain in the recent record run.

While the S&amp;P 500 is up 10.8 percent since the Nov. 8 election, the pace of the rally has slowed this year.

Trump’s promise a few weeks ago of a “phenomenal” tax announcement helped rekindle the post-election rally, driving the main U.S. markets to record highs.

Time Warner ended up 0.9 percent after news that the head of the U.S. Federal Communications Commission does not expect to review AT&T Inc’s planned $85.4 billion acquisition of Time Warner.

AT&T slipped 1.3 percent.

Advancing issues outnumbered declining ones on the NYSE by a 1.55-to-1 ratio; on Nasdaq, a 1.87-to-1 ratio favored advancers.

The S&P 500 posted 63 new 52-week highs and one new low; the Nasdaq Composite recorded 143 new highs and 45 new lows.

(Additional reporting by Yashaswini Swamynathan in Bengaluru; Editing by Sriraj Kalluvila and James Dalgleish)

World stock markets and U.S. dollar retreat before key Trump speech

Men walk past an electronic board showing Japan's Nikkei average outside a brokerage in Tokyo, Japan,

By Sinead Carew

NEW YORK (Reuters) – World stock markets and the U.S. dollar fell on Monday while U.S. Treasury yields rose amid investor caution ahead of a key speech by U.S. President Donald Trump.

The dollar fell ahead of Trump’s State of the Union address, during which he is expected to unveil details on pro-growth policies including infrastructure spending.

“There is setting up for what people expect might be at least a focus on things like fiscal stimulus and infrastructure spending of some kind, that might actually boost risk and cause yields to rise,” said Aaron Kohli, an interest rate strategist at BMO Capital Markets in New York.

U.S. 10-year Treasury notes were last down 7/32 in price to yield 2.342 percent, from a yield of 2.317 percent late Friday. Two-year notes US2YT=RR were last down 1/32 in price to yield 1.169 percent, from a yield of 1.145 percent late Friday.

The dollar was down 0.3 percent against a basket of major currencies after Trump said Monday that tax reform details would not be revealed until after the administration’s proposal on health care.

Investors had hoped for “more clarity around tax reform sooner rather than later” said Bipan Rai, senior macroeconomic strategist at CIBC Capital Markets in Toronto.

At 11:25 a.m. ET, the Dow Jones Industrial Average was down 5.62 points, or 0.03 percent, at 20,816.14, the S&P 500 shed 0.2 points, or 0.01 percent, to 2,367.14, while the Nasdaq Composite added 1.63 points, or 0.03 percent, to 5,846.93.

Europe’s benchmark index of leading 300 shares fell 0.1 percent.

MSCI’s benchmark world stock index slipped 0.03 percent after it hit a record high Thursday.

A proposed 29 billion euro merger between the London Stock Exchange and Deutsche Boerse to create Europe’s biggest stock exchange looked dead in the water due to an inability to meet European antitrust demands. Shares in both companies fell. The London Stock Exchange fell as much as 3 percent while Deutsche Boerse fell as much as 4 percent.

“The regulatory hurdles were always a risk, and with Brexit, there are additional hurdles to clear that seem close to insurmountable now,” said Neil Wilson, senior market analyst at ETX Capital.

MSCI’s broadest index of Asia-Pacific shares outside Japan fell 0.24 percent, while Japan’s Nikkei fell 0.9 percent for its lowest close since Feb. 9 on concerns that a stronger yen would crimp corporate earnings.

The Dow Jones Industrial Average scaled its 11th consecutive record high on Friday, the longest such run since 1987, leading some to suggest it could be prone for a correction.

In Europe, the focus was on France, where the latest polls showed that centrist Emmanuel Macron would score a more convincing victory over far-right and anti-euro Marine Le Pen in the presidential election’s runoff vote.

France’s 10-year bond yield fell to a one-month low of 0.88 percent.

In commodities, Brent crude was up 0.3 percent at $56.14 per barrel while U.S. West Texas Intermediate was up 0.4 percent at $54.20 per barrel as a global supply glut appeared to ease.

(Additional Reporting by Jamie McGeever and Dhara Ranasinghe; Editing by Bernadette Baum)