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GE's stock sinks after the open, as post-earnings conference call endsExternal Link

Shares of General Electric Co. sank 3.3% on heavy volume in morning trade Friday, turning sharply lower soon after the opening bell, just as the post-earnings conference call concluded. In premarket trade, the stock jumped as much as 2.7% right after the quarterly report was released, with earnings and revenue beating expectations, but pulled back to trade little changed just before the open. On the conference call, Chief Executive John Flannery said he expects 2018 adjusted earnings per share to be "at the low end" of the previously provided guidance range of $1.00 to $1.07, while the FactSet EPS consensus is 93 cents. Among other comments made during the call, the power business is going to require a "multi-year fix," with some volatility. Regarding the China tariff situation, Flannery said "we are a company built for fair and open trade," so GE's current view is "hope" that trade matters eventually reach a "sensible negotiated conclusion." The stock has now shed 24% year to date, while the Dow Jones Industrial Average has gained 1.4%.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 20 Jul 2018 14:05:11 GMT
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Dow, S&P 500 open lower as trade fears resurface External Link

U.S. stocks opened mostly lower on Friday with the main benchmarks on track to end the week roughly where they started. Investors turned cautious after a flood of new question marks surrounding government policy on both trade and the dollar, overshadowing positive quarterly results from General Electric and Microsoft. The S&P 500 fell 2 points, or 0.1%, to 2,803. The Dow Jones Industrial Average declined 62 points, or 0.3%, to 24,998. The Nasdaq Composite Index bucked the trends, opening 16 points, or 0.2% higher, to 7,840 Among the biggest gainers on the S&P 500, shares of Microsoft Corp. rallied more than 3% after quarterly earnings results.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 20 Jul 2018 13:33:20 GMT
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Treasury yields tick higher after Trump says China and EU manipulate their currencies, ratesExternal Link

Treasury yields briefly rose early Friday after President Donald Trump said in a tweet that China and the European Union were manipulating their currencies and interest rates, even as the U.S.'s dollar and rates were rising, hurting the U.S.'s "competitive edge." The 10-year Treasury note yield advanced 1.5 basis points to 2.862%. The 30-year bond yield rose 2.5 basis points to basis point to 2.992%, while the 2-year note yield was down 0.4 basis point to 2.591%. Bond prices fall when yields rise. These comments follow Trump's interview with CNBC where the President said he was unhappy with the Federal Reserve's rate hikes because they were undoing the economic boost from his stimulus package passed earlier this year.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 20 Jul 2018 13:09:14 GMT
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Trump says China, EU 'have been manipulating their currencies and interest rates lower' in a tweetExternal Link

President Donald Trump on Friday appeared to double down on remarks he made during a CNBC interview on Thursday by accusing the European Union and China of manipulating their currencies and interest rates. In a tweet in the morning Trump said "China, the European Union and others have been manipulating their currencies and interest rates lower, while the U.S. is raising rates while the dollars gets stronger and stronger with each passing day - taking away our big competitive edge. As usual, not a level playing field..." The president's comments came a day after he criticized the Federal Reserve for hiking rates, which he described as undercutting his recent rounds of fiscal stimulus, including corporate tax cuts late last year. On Thursday, Trump told CNBC he is not "thrilled" that the Fed is hiking interest rates. "Because we go up and every time you go up they want to raise rates again. I don't really - I am not happy about it. But at the same time, I'm letting them do what they feel is best." He added, "but I don't like all of this work that goes into doing what we're doing." The dollar, as measured by the ICE U.S. Dollar Index slumped after Trump's Friday tweet. Meanwhile, futures for the Dow Jones Industrial Average and the S&P 500 index held on to losses.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 20 Jul 2018 13:02:17 GMT
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Dollar drops as Trump accuses China, EU of currency and interest-rate manipulationExternal Link

The U.S. dollar took a hit on Friday after President Donald Trump called China and the European Union currency and interest rate manipulators in a tweet. Trump that "while the U.S. is raising rates while the dollars gets stronger and stronger with each passing day," China and the eurozone were robbing the U.S. of its "big competitive edge." The ICE U.S. Dollar Index dropped 0.5% to 94.674, extending previous losses. The euro , the greenback's main rival, rallied to a three-day high of $1.1709 in response. China's yuan was more timid in response. The offshore-traded yuan strengthened slightly, with one dollar buying 6.7882 yuan, while the more restricted onshore yuan remained marginally weaker, as one dollar fetched 6.7705 yuan.

Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.


Fri, 20 Jul 2018 12:59:47 GMT
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