Markets Right Now: US stocks edge lower in late trading

Wall Street dropped for a fourth straight session on Tuesday as central bank policymakers weighed the health of the US economy and investors anxious about an upcoming vote in Britain on whether to leave the European Union.

The Dow Jones Industrial Average finished well off session lows, declining 57.66 points or 0.3% to settle at 17,674.82.

The Standard & Poor’s 500 index lost 3.82 points, or 0.2 percent, to 2,071.50. The Nasdaq Composite Index pared losses to finish down 4.89 points or 0.1% at 4,843.55.

USA stocks fell for a fourth session in a row Tuesday, 14 June 2016 marking the S&P 500 and the Dow Jones Industrial Average’s longest losing streak since the market’s low in February. Treasury yields traded lower in the afternoon, with the 2-year yield by 0.72% and the 10-year yield near 1.61%.

The Nasdaq is down 51 points, or 1 percent. Fed Chairwoman Janet Yellen will hold a news conference 30 minutes after the Fed’s updated economic reports.

Investors kept a close eye on the USA central bank’s conference that started on Tuesday for more clues on the timing of the next interest rate hike.

“Investors are “Brexit”-proofing their portfolios right now”, said Anastasia Amoroso, a global markets strategist at JPMorgan Asset Management”.

Chesapeake fell 2.5 percent to $4.22 after Deutsche Bank cut its price target.

“It’s ironic that we’re having the Fed debating the next rise in interest rates when we are heading into an economy that is in a cyclical downturn”.

BRITISH REFERENDUM: Speculation is rising over whether Britain will choose to remain in the 28-nation European Union in a June 23 referendum. LinkedIn shares jumped 47 percent after Microsoft announced plans to buy the professional social networking company.

Security software company Symantec jumped 91 cents, or 5 percent, to $18.21 after the company said it would purchase another security company, Blue Coat, for $4.6 billion.

Oil prices started the week in the red, falling over 1 percent after traders booked profits and the dollar’s strength increased.

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The yield on the 10-year German bond fell below zero for the first time. Brent crude, used to price worldwide oils, fell 77 cents to $49.57 per barrel in London. The firm raised its rating and price target on the semiconductor stock, which has added almost 81% over the last 12 months.

CURRENCIES: The dollar declined to 106.20 yen from 107.16 yen late Friday in Asia. Japan’s Nikkei lost 3.5%, the Shanghai Composite was down 3.2% and Hong Kong’s Hang Send fell 2.5%.