US stocks lower into close; Dow Jones down 44
General Electric Co tanks again
TSX down a tad
US benchmarks are heading to a lower close as the shine came off the earlier rally.
The Dow Jones Industrial Index is down 44 at 23,284, the S&P 500 is off 10.23 at 2,564.
The tech heavy Nasdaq index is down over 46 points at 6,581.
In Toronto, the TSX lost 3.56 at 15,853.
It came as engineering behemoth General Electric (NYSE:GE) is on track for its biggest loss in eight years Monday as industrial companies lead Wall Street. stocks lower.
GE has its rating and target cut by UBS after results on Friday, which showed a big earnings miss.
Shares shed 6.57% to US$22.265 in New York.
MID-SESSION
Wall Street shares were mixed at mid-session, with the Dow Jones up over eight points, at 23,337.
The broader-based S&P500 shed 1.52 at 2,573, while the Nasdaq shed 9.57 to stand at 6,619.
The gold price gained 0.16% to US$2,282, while US crude is up a tad - 0.12% to US$51.90 a barrel.
In shares, Aimmune Therapeutics Inc (NASDAQ: AIMT) jumped over 35% to US$34.71 in response to failed DBVT peanut allergy trial. Meanwhile, DBV Technologies(NASDAQ:DBVT) plunged almost 45% due to that aformentioned peanut allergy trial failure.
Eldorado Gold Corp (USA) (NYSE: EGO) lost over 25% after it lowered its production guidance for its Kisladag operation.
Deltic Timber Corp (NYSE:DEL) shares climbed over 4% after Potlach announced plans to merge with Deltic.
OncoSec Medical Inc (NASDAQ:ONCS) shares shed almost 13% to US$ after it reported a $7.1 million registered direct at-the-market offering at a price of $1.34375 per share.
READ THE LONDON CLOSE - FTSE 100 near flat at close after quiet day's trading
OPEN
US benchmarks started higher on Monday and reached new highs yet again.
It comes after the global equity rally after Japanese Prime Minister Shinzo Abe's election victory over the weekend and as investors digest a host of yet more company earnings.
US socks ended at record highs on Wall Street Friday, with the Dow Jones jumping 165 points higher to 23,328 boosted by Senate approval for a Budget blueprint which should pave the way for President Trump’s promised tax cuts.
Ahead of next week’s Federal Reserve policy decision, a Reuters poll of economists said the central bank is expected to raise interest rates in December and twice next year.
However, there is a greater-than-usual degree of uncertainty about monetary policy next year with the Fed’s leadership up in the air, according to RBC economist Josh Nye.
President Donald Trump could decide this week whether to reappoint Fed Chair Janet Yellen, whose term ends in February. He has now reportedly finished interviews with five candidates for the post.
Fed Chair Janet Yellen returns to the White House a day after interview https://t.co/nfwKczGSKt pic.twitter.com/AmlkzrDq3B
— Bloomberg (@business) 20 October 2017
The Dow Jones is up almost 25 at 23,354 building on Friday's gains, the S&P 500 added 1.15 at 2,576, while the Nasdaq eased back 2.17 at 6,626.
Among the big gainers was Seagate Technology (NASDAQ:STX), which added 13% to US$39.41 despite it reporting first quarter earnings, which were down from last year.
Toy maker Hasbro (NASDAQ:HAS) went the other way, shedding over 8% to US$90.32 each as it said revenue in the crucial fourth quarter was expected to rise by just 4% to 7% as the bankruptcy at Toys "R" Us takes a toll.
Market expectations were for fourth quarter revenue growth of about 11%.
In smaller caps, Capital Network has issued a research report on Midpoint Holdings Ltd (CVE: MPT) following the Canadian firm’s recent significant new share offering to raise up to CS1.2mln.
Analyst James Dolman pointed out that the offering will have a dilutive impact on the stock, albeit with the compensation to existing investors of a positive effect on share value.