Here Are 3 Hot Things to Know About Stocks Right Now
- The S&P 500 ended slightly lower Tuesday marking its fourth straight losing session.
- The International Monetary Fund lowered its growth forecast for the global economy, citing trade tensions between the U.S. and China.
- The 10-year Treasury note was yielding 3.21% after moving above 3.25% earlier in the session for only the second time since 2011.
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Wall Street Overview
Stocks ended mixed on Tuesday, Oct. 9, as the yield on the 10-year Treasury note came off its highs and the International Monetary Fund said trade tensions between Washington and Beijing, along with tighter financing conditions in emerging markets and uncertainty in Europe, will weigh on global growth in 2018 and 2019.
The Dow Jones Industrial Average fell 56 points, or 0.2%, to 26,431. The S&P 500 fell 0.14%. The Nasdaq rose 0.03%.
The bond market re-opened Tuesday after closing for Columbus Day with benchmark 10-year notes rising to 3.25% for only the second time since 2011. The yield on the 10-year Treasury note fell slightly to 3.21%.
Meanwhile, the IMF, citing rising interest rates and growing tensions over trade, said the global economy will grow 3.7% in 2018, unchanged from 2017 but down from the 3.9% it forecast just two months ago.
As for the U.S., "Growth will decline once parts of its fiscal stimulus go into reverse," said Maurice Obstfeld, IMF chief economist. "Notwithstanding the present demand momentum, we have downgraded our 2019 U.S. growth forecast owing to the recently enacted tariffs on a wide range of imports from China and China's retaliation."
Alphabet Inc.'s (GOOGL - Get Report) Google won't compete for the Pentagon's cloud-computing contract that is valued at as much as $10 billion, saying the project may conflict with its corporate values, Bloomberg reported.
Bids for the project, known as the Joint Enterprise Defense Infrastructure cloud, or JEDI, are due on Friday, Oct. 12. The contract could last as long as 10 years.
"We are not bidding on the JEDI contract because first, we couldn't be assured that it would align with our AI Principles," a Google spokesman told Bloomberg in a statement. "And second, we determined that there were portions of the contract that were out of scope with our current government certifications."
Separately, Google is expected Tuesday to unveil two new Pixel-branded smartphones at an event in New York. The stock traded down 1%.
Papa John's put itself up for sale earlier this year after the company's board forced out its founder and chairman, John Schnatter, for using a derogatory racial term during a marketing call. Schnatter remains on the board and still owns about 30% of the company.
Trian has asked the company for information as it considers a possible bid, the Journal reported, citing unnamed sources. Trian's approach is one of several the pizza chain has received, the Journal said.
The companies plan to collaborate in such areas as big data and artificial intelligence, and Grab will adopt Microsoft Azure as its preferred cloud platform. Microsoft rose 1.3%.
PPG said it "continued to experience significant raw material and elevating logistics cost inflation, including the effects from higher epoxy resin and increasing oil prices."Click here to register for a free online video in which TheStreet's retirement expert Robert Powell and an all-star panel. The webinar is sponsored by Nuveen.