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Financials lead Wall Street lower amid rising U.S.-Russia tensions

Reuters 

By Sruthi Shankar

(Reuters) - Wall Street fell on Wednesday, led by losses in financial stocks, on brewing tensions between the and over a possible U.S. military action against

The index slipped nearly 1 percent. and of America fell about 1.2 percent, while dropped 1.6 percent.

The U.S. 10-year yields were down at 2.762 percent after U.S. declared that missiles "will be coming" and blasted for standing by Syrian

had earlier warned that any U.S. missiles fired at over a on a rebel enclave would be shot down.

"There is going to be broad-based weakness, although one sector that is likely to outperform will be anything tied to the energy space," said Michael James, at in

Escalating tension in lifted to its highest in more than three years.

At 9:43 a.m. ET, the was down 0.57 percent at 24,269.

The fell 0.40 percent to 2,646.3 and the dropped 0.35 percent to 7,069.38.

On Tuesday, the main U.S. indexes closed up nearly 2 percent after Chinese tried to defuse trade tensions with the by promising to lower import tariffs.

"With Xi's comments yesterday calming some of the trade war concerns, some of that optimism is going away with the concerns over what the final outcome might be over U.S. involvement over Syria," James said.

Data showing a rise in U.S. core inflation for March - which was up 0.2 percent and matched February's increase rise - failed to boost yields as headline consumer prices fell for the first time in 10 months.

The Labor Department said its Consumer Price Index slipped 0.1 percent, the first and largest drop since May 2017. But the core CPI, which excludes the and energy components, rose 2.1 percent year-on-year in March, the largest advance since February 2017.

The Federal Reserve is set to release the minutes of its March meeting, when voted to raise interest rates.

Among stocks, jumped 4 percent after the hotel operator's main shareholder decided to sell its stake in the company.

Inc shares edged lower as started his second day of testimony before the

In the first hearing on Tuesday, Zuckerberg made no further promise to support new legislation or change how the does business.

Declining issues outnumbered advancers on the NYSE for a 1.28-to-1 ratio and on the Nasdaq, for a 1.47-to-1 ratio favoring decliners.

(Reporting by in Bengaluru; Editing by Arun Koyyur)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Wed, April 11 2018. 19:58 IST
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