Wall Street is lower in mid-afternoon trade.Credit:Bloomberg
In late trade,the S&P 500 is 0.5 per cent higher,the Dow Jones has added 0.2 per cent and the Nasdaq has gained 0.9 per cent. All three set their latest record closing highs a day earlier. The Australian sharemarket is poised to open higher,with futures at 6.30am AEDT pointing to a gain of 25 points,or 0.3 per cent,at the open.
Smaller-company stocks outpaced the broader market in a sign that investors were feeling confident about economic growth. The Russell 2000 rose 1.9 per cent. It also set a record high on Tuesday.
Industrial companies posted some of the biggest losses. Agricultural equipment maker Deere fell 5.1 per cent. Workers at the company rejected a contract offer Tuesday that would have given them 10 per cent raises and decided to remain on strike in the hopes of securing a better deal.
Health care and technology stocks also fell. US crude oil prices fell 3.2 per cent,but energy stocks were mixed.
Bond yields rose. The yield on the 10-year Treasury rose to 1.57 per cent from 1.54 per cent late Tuesday.
Investors were handed a mixed bag of corporate report cards. Activision Blizzard slumped 14.2 per cent after the maker of video games likeWorld of Warcraft gave investors a disappointing profit forecast. Zillow Group dropped 27 per cent after the real estate website operator reported disappointing financial results and said it is shutting down its home-flipping business.
CVS Health rose 5.1 per cent after the drugstore chain and pharmacy benefits manager raised its profit forecast for the year following a strong third quarter. Mondelez International rose 1.4 per cent after the maker of Oreo cookies reported solid third-quarter financial results.