Tuesday, September 17, 2019  

 
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US Stocks Mostly Lower                 09/17 09:40

   U.S. stocks were mostly lower in early trading Tuesday as investors await 
updates on oil output at a damaged Saudi Aramco facility and look ahead to a 
key interest rate decision from the Federal Reserve.

   NEW YORK (AP) -- U.S. stocks were mostly lower in early trading Tuesday as 
investors await updates on oil output at a damaged Saudi Aramco facility and 
look ahead to a key interest rate decision from the Federal Reserve.

   Energy companies gave back some of Monday's gains as the price of oil 
retreated. U.S. oil dropped 5.4% to $59.50 a barrel, while Brent, the 
international benchmark, fell 6.1% to $64.82. Oilfield services company 
Schlumberger fell 4.1% and oil producer Hess dropped 5.9%.

   On Monday, oil prices spiked more than 14% over concerns that an attack on 
Saudi Arabia's biggest oil processing facility could limit supplies from the 
world's biggest oil exporter. Investors will be closely watching an update 
later Tuesday from Saudi Arabia's energy minister.

   Banks and industrial companies also fell. JPMorgan and Bank of America shed 
1%. 3M fell 1.4% and Caterpillar fell 1.2%.

   Investors shifted to a more defensive position in the early going, with 
consumer product makers and utilities among the companies making gains. Bonds 
rose and the yield on the 10-year Treasury fell to 1.82% from 1.84% late Monday.

   Technology stocks were also holding well as a gain for Microsoft helped 
counter a slide in Intel.

   Volatile oil prices and the lingering U.S.-China trade dispute loom over the 
market as the Federal Reserve begins a two-day meeting to determine interest 
rate policy. Investors are expecting the central bank to cut its short-term 
rate on Wednesday to help protect the economy from threats to growth.

   It would be the central bank's second such cut in two months after not 
cutting rates for a decade.

   KEEPING SCORE: The S&P 500 index fell 0.1% as of 10:15 a.m. Eastern time. 
The Dow Jones Industrial Index fell 71 points, or 0.3%, to 27,004. The Nasdaq 
fell 0.1%.

   OVERSEAS: Stocks in Europe moved broadly lower after a new survey showed a 
decline in consumer confidence within Germany, the continent's largest economy. 
Chinese benchmarks led declines in Asia after the credit ratings agency Moody's 
downgraded Hong Kong, citing its recent political turmoil.

   CRACKED GLASS: Corning fell 7.2% after the glassmaker warned investors that 
weak demand will likely hurt two of its units. The company expects lower third 
quarter volume for its display technologies unit, which makes display screens 
for electronic devices. It also expects a sales decline for its optical 
communications unit, which makes fiber optic cables. 


(CZ)

 
 
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