Here Are 3 Hot Things to Know About Stocks Right Now
- The Dow Jones Industrial Average has traded lower for four straight sessions.
- The Dow remains more than 2,100 points below its all-time high of 26,616 set on Jan. 26.
- The Nasdaq finished lower Monday after having declined for two straight sessions.
Wall Street Overview
Stocks finished lower on Monday, April 23 as benchmark 10-year Treasury notes were near 3% for the first time in more than four years and as Wall Street prepared to enter the heart of U.S. corporate earnings season.
Benchmark 10-year notes briefly touched 3% on Monday, continuing gains made last week. On Friday, April 20, the 10-year traded as high as 2.956%, the highest level since January 2014. The yield on the 10-year Treasury was 2.975% at market close.
Treasury yields have risen sharply over the past two weeks and global oil prices have spiked, stoking concerns that inflation will begin to accelerate in the coming months. The Federal Reserve's signaling on future interest rate hikes also has supported rising yields.
The Dow Jones Industrial Average closed down 0.06%, or 14 points. The S&P 500 was up 0.01% and the Nasdaq declined 0.25%.
Halliburton Co. (HAL) - Get Report reported first-quarter adjusted profit of 41 cents a share, 1 cent ahead of analysts' estimates. Revenue of $5.74 billion slightly beat forecasts. The stock rose 0.17% on Monday.
Kimberly-Clark Corp. (KMB) - Get Report reported adjusted earnings in the first quarter of $1.71 a share, 2 cents above estimates, and said it expects full-year sales higher than its previous estimates. The stock fell 1.5%.
Akorn Inc. (AKRX) - Get Report shares fell 33% on Monday after Germany's Fresenius SE dropped its planned $5 billion takeover of the generic drugmaker after a probe into possible data breaches by the U.S. Food & Drug Administration.
Fresenius said it found "material" breaches of FDA data integrity rules as part of its own investigation into allegations leveled against Akorn earlier this year and offered to delay its proposed takeover if the company could supply information that would allow Fresenius to reconsider. The Germany company said Akorn declined that offer.
"We categorically disagree with Fresenius' accusations," Akorn said in a statement late Sunday, April 22. "The previously disclosed ongoing investigation, which is not a condition to closing, has not found any facts that would result in a material adverse effect on Akorn's business and therefore there is no basis to terminate the transaction,"
CenterPoint Energy Inc. (CNP) - Get Report said Monday it would buy energy rival Vectren Corp. (VVC) for about $6 billion. Vectren shareholders will receive $72 in cash per share, which represents a premium of almost 10% to Vectren's closing price on Friday, April 20, of $65.55. CenterPoint shares declined 2.8%.
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