Stocks open mixed after winning week

Stocks open mixed after winning week

The Nasdaq Composite dropped 30.24 points, or 0.42 percent, to 7,209.23.

Other retailers and grocery store operators also fell.

The spark for those falls was a rise in United States bond yields, however, and benchmark 10-year Treasury bond yields hit four-year highs of 2.8950 per cent on Tuesday.

The Dow fell, led by a 9.3 percent plunge in shares of Walmart.

Also weighing on stocks was a relatively weak two-year Treasury auction, which fueled concerns about increased supply and the potential for rising rates.

Other big decliner was Qualcomm, which fell almost 4 per cent after the chipmaker raised its offer to buy NXP Semiconductors NV to $US127.50 per share from $US110. Investors were disappointed with the retail giant's fourth-quarter results, which missed Wall Street's expectations as the company wrestled with slower e-commerce sales during the busiest time of the year. The index is up 6.5 percent so far this year and is the second biggest gainer after the consumer discretionary index.SPLRCD, which includes Amazon. The move comes as Broadcom is trying to buy Qualcomm.

Last year, Rite Aid had agreed to sell nearly 2,000 locations to Walgreens after a larger deal fell apart. Albertsons owns brands including Safeway.

Markets have been choppy in recent weeks, falling more than 10 percent from their January 26 high only to rebound last week with their best weekly gain in five years.

The spark for those declines was a rise in US bond yields.

U.S. WTI crude oil rose 0.4% to close at $61.79/bbl. Brent crude, used to price worldwide oils, was down 56 cents at $65.11 a barrel. March silver dropped 27.4 cents, or 1.6%, to $16.438 an ounce. Wholesale gasoline was little changed at $1.75 a gallon.

NXP Semiconductors rose 6 percent after Qualcomm raised its offer to buy the company.

April gold fell $25.10, or 1.9%, to $1,331.20 an ounce, marking the sharpest drop for actively traded futures since December 14, 2016, when gold sank by $33.90, or 2.9%. Copper slid 6 cents to $3.19 a pound. The euro edged lower to $1.2335 from $1.2337.

Commodity prices lost ground as the dollar sprung higher following last week's sharp decline, which has mostly extended a protracted downtrend for the commodity-pegged currency.

The S&P technology index gained 0.3 as the sole major S&P sector on the plus side, buoyed by a gain of almost 2 percent in the semiconductor sector.

Earlier in Asia, Japan's benchmark Nikkei 225 lost 1 percent, while Australia's S&P/ASX 200 inched lower. Hong Kong's Hang Seng fell 0.8 percent.

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