Dow, S&P Snap Winning Streak as Walmart Weighs

Dow, S&P Snap Winning Streak as Walmart Weighs

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In contrast, shares of online retailer Amazon climbed 1.4 percent.

The Dow Jones Industrial Average fell 254.63 points, or 1.01 percent, to 24,964.75, the S&P 500 lost 15.96 points, or 0.58 percent, to 2,716.26 and the Nasdaq Composite dropped 5.16 points, or 0.07 percent, to 7,234.31.

The initial market selloff in January was sparked after economic data raised worries the economy may overheat, causing a quick spike in bond yields and concern the Federal Reserve may become more aggressive in raising U.S. interest rates.

While still near four-year highs, yields have leveled off somewhat of late, as benchmark 10-year U.S. Treasury notes <US10YT=RR> last fell 4/32 in price to yield 2.8896 percent, from 2.877 percent late on Friday.

The S&P technology index gained 0.3 as the sole major S&P sector on the plus side, buoyed by a gain of nearly 2 percent in the semiconductor sector.

Qualcomm fell 1.3 percent after the chipmaker raised its offer to buy NXP Semiconductors NV to $127.50 per share from $110. NXP shares jumped 5.96 percent.

“What is going on with Qualcomm and their bid for NXP is certainly making all the semiconductors look more attractive,” said JJ Kinahan, chief market strategist at TD Ameritrade in Chicago.

Home Depot edged down 0.14 percent after the largest U.S. home improvement chain’s quarterly profit beat market estimates in an improving housing market.

Declining issues outnumbered advancing ones on the NYSE by a 1.98-to-1 ratio; on Nasdaq, a 2.05-to-1 ratio favored decliners.

3-Month Treasury Bills

High rate at weekly auction.








The S&P 500 posted 14 new 52-week highs and one new low; the Nasdaq Composite recorded 86 new highs and 30 new lows.

Volume on U.S. exchanges was 6.79 billion shares, below the 8.48 billion average over the last 20 trading days.

(Reporting by Chuck Mikolajczak; Editing by James Dalgleish)

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