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US close: Markets mixed as investors look towards Fed minutes
Wall Street finished mixed on Tuesday, amid some upwards pressure on bond yields as investors looked towards the minutes of the Federal Reserve's latest policy meeting, due on Wednesday.
The Dow Jones Industrial Average lost 1.01% to 24,964.75 and the S&P 500 fell 0.58% to 2,716.26, while the Nasdaq 100 rose 0.13% to 6,779.70.
Earlier, the US Treasury auctioned $96bn-worth of very short-term debt maturing in 13 and 26 weeks, with the sale of a further $55bn in four-week bills and $28bn in two-year notes following.
On Wednesday the Treasury is set to sell $64bn of notes maturing in five years, followed by $29bn of seven-year notes on Thursday.
Against that flood of Treasury issuance, investors were seemingly finding few reasons to keep pushing share prices higher.
That followed a six-day long rally that ended in the biggest single week of gains for indices in years, with a further bounce in the US dollar doing little to help sentiment.
"The US stock market reopens this afternoon after being closed yesterday for Presidents' Day," David Morrison, chief market analyst at GKFX, noted earlier.
"A couple of hours ahead of the open the major stock indices were indicating initial weakness. "The yield on the US 10-year note is back above 2.90% and dangerously close to breaking through the key 3.0% level."
Morrison said there were concerns that investors would rush to dump equities should borrowing costs push much higher from current levels.
In corporate news, Walmart shares plunged 10.17% after its quarterly earnings missed analysts' forecasts, while Gannett fell 11.38% after posting fourth-quarter adjusted earnings per share of 55 cents versus a consensus forecast of 46 cents.
Home Depot reversed earlier gains to fall 0.03% after its fourth-quarter earnings and sales beat expectations, while Qualcomm lost 1.33% following a Wall Street Journal report that it was ready to sweeten its bid for NXP Semiconductors to around $44bn.
Elsewhere, Rite Aid grew 3.29% after Albertsons said it would buy the rest of the company that Walgreens Boots Alliance wasn't buying.
No major economic reports were due on Tuesday, but Wednesday sees the release of the latest FOMC minutes, along with Markit's manufacturing PMI and existing home sales figures for January.
Dow Jones - Risers
Intel Corp. (INTC) $46.32 1.67%
Microsoft Corp. (MSFT) $92.72 0.78%
American Express Co. (AXP) $97.19 0.41%
Visa Inc. (V) $122.01 0.13%
JP Morgan Chase & Co. (JPM) $114.71 0.03%
Home Depot Inc. (HD) $186.66 -0.14%
Apple Inc. (AAPL) $171.85 -0.34%
McDonald's Corp. (MCD) $157.16 -0.40%
Dowdupont Inc. (DWDP) $71.61 -0.46%
Caterpillar Inc. (CAT) $155.56 -0.47%
Dow Jones - Fallers
Walmart Inc. (WMT) $94.11 -10.18%
Verizon Communications Inc. (VZ) $48.92 -2.45%
Merck & Co. Inc. (MRK) $54.98 -2.33%
Coca-Cola Co. (KO) $43.99 -2.20%
United Technologies Corp. (UTX) $126.42 -2.17%
General Electric Co. (GE) $14.74 -2.06%
Johnson & Johnson (JNJ) $130.83 -1.71%
Procter & Gamble Co. (PG) $81.34 -1.53%
Travelers Company Inc. (TRV) $139.02 -1.48%
Nike Inc. (NKE) $67.49 -1.19%
S&P 500 - Risers
Noble Energy Inc. (NBL) $29.12 10.81%
Mosaic Company (MOS) $26.76 5.23%
Chipotle Mexican Grill Inc. (CMG) $317.57 3.91%
Qorvo, Inc. (QRVO) $80.17 3.70%
CF Industries Holdings Inc. (CF) $41.82 3.62%
Allegion (ALLE) $85.66 3.55%
Xilinx Inc. (XLNX) $69.19 3.13%
Applied Materials Inc. (AMAT) $56.66 2.96%
Lam Research Corp. (LRCX) $193.44 2.94%
KLA-Tencor Corp. (KLAC) $110.55 2.82%
S&P 500 - Fallers
Walmart Inc. (WMT) $94.11 -10.18%
Frontier Communications Co. (FTR) $8.72 -5.42%
Genuine Parts Co. (GPC) $94.67 -5.17%
Gap Inc. (GPS) $31.61 -4.99%
Signet Jewelers Ltd (SIG) $49.12 -4.32%
Kroger Co. (KR) $27.49 -4.18%
Target Corp. (TGT) $72.86 -3.75%
Bed Bath & Beyond Inc. (BBBY) $22.06 -3.67%
VeriSign Inc. (VRSN) $116.34 -3.49%
Expeditors International Of Washington Inc. (EXPD) $61.93 -3.42%
Nasdaq 100 - Risers
Xilinx Inc. (XLNX) $69.19 3.13%
Applied Materials Inc. (AMAT) $56.66 2.96%
Lam Research Corp. (LRCX) $193.44 2.94%
KLA-Tencor Corp. (KLAC) $110.55 2.82%
Analog Devices Inc. (ADI) $88.41 2.69%
Cadence Design Systems Inc. (CDNS) $40.17 2.58%
Skyworks Solutions Inc. (SWKS) $106.41 2.21%
Nvidia Corp. (NVDA) $249.08 2.15%
Western Digital Corp. (WDC) $86.46 1.83%
Microchip Technology Inc. (MCHP) $84.86 1.74%
Nasdaq 100 - Fallers
Shire Plc Ads (SHPG) $126.67 -5.51%
Liberty Global plc Series A (LBTYA) $32.34 -3.17%
Kraft Heinz Co. (KHC) $68.69 -2.98%
Regeneron Pharmaceuticals Inc. (REGN) $323.04 -2.74%
Ross Stores Inc. (ROST) $77.98 -2.73%
CSX Corp. (CSX) $54.59 -2.69%
Liberty Global plc Series C (LBTYK) $31.46 -2.51%
Dish Network Corp. (DISH) $44.57 -2.45%
Henry Schein Inc. (HSIC) $67.97 -2.23%
Paychex Inc. (PAYX) $65.41 -2.10%