U.S. stocks slipped, retreating from a three-month high, after data on payrolls and remarks from Federal Reserve Chair Janet Yellen lifted bets that the central bank is closer to raising interest rates.
Earnings results were influencing some of the biggest movers in the Standard & Poor’s 500 Index. Time Warner Inc. and 21st Century Fox Inc. fell at least 6 percent, weighing on media companies after their results disappointed. Motorola Solutions Inc. lost 6.5 percent after its outlook was short of estimates. Michael Kors Holdings Ltd. jumped 11 percent after its profit topped estimates.
Yellen, speaking before the House Financial Services Committee, said no decision has been made yet on adjusting interest rates at the December meeting. Should data show the economy is growing at a pace sufficient to generate further improvements in labor markets and boost inflation, she repeated that a boost is “live possibility.”
The S&P 500 slipped 0.4 percent to 2,102.44 at 12:44 p.m. in New York, after yesterday reaching its highest since July. The Dow Jones Industrial Average declined 52.78 points, or 0.3 percent, to 17,865.37. The Nasdaq Composite Index fell 0.1 percent.
Source : Bloomberg