Stocks Slip From All Time High As Rates Delay Loom
Stocks eased after a strong economy signal delayed expected Fed rate cuts. Major indexes fell with the S&P 500 at 4942.81 and the Dow at 38380.12 as yields rose, while Estee Lauder surged 12 percent and McDonald’s dropped 3.7 percent on mixed results. Jerome Powell suggested possible three rate cuts this year but signaled June or later timing. The 10 year yield rose to 4.16 percent on rising service sector growth.
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Tyson Foods shares rise on stronger quarterly profits
Tyson Foods posts adjusted per share earnings of 69 cents, beating analyst expectations as chicken and pork profits improve while beef incurs losses. Shares jump up to 8.6 percent in New York, the strongest day in nearly two years, aided by strategic plant shutdowns and better margins in processed foods.
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ADM probing accounting practices in nutrition unit sparks stock drop
U S Attorney in Manhattan opens DOJ inquiry into Archer Daniels Midland accounting tied to its nutrition division after an SEC request. Shares slid up to 4.8 percent in New York trading amid suspensions of CFO Vikram Luthar and weaker outlook. CEO Juan Luciano defends probe as not materially affecting earnings while investors see broader governance risk.
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