US STOCKS-Tobacco and tech push Wall St down; yields boost banks [Reuters]
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Source: Reuters
Tobacco and tech push Wall St. down; yields boost banks | Reuters 4 Min Read NEW YORK (Reuters) - Wall Street’s three major indexes declined on Thursday as tobacco stocks led a tumble in consumer staples and concerns about smartphone demand hurt the technology sector while rising bond yields and earnings helped financials rebound. Cigarette giant Philip Morris International Inc ( PM.N ) was the biggest drag on the S&P after weaker than expected results, which also pulled down Altria ( MO.N ). A warning from Taiwan Semiconductor (TSMC) ( 2330.TW ), the world’s largest contract chipmaker and an Apple Inc ( AAPL.O ) supplier, on soft demand for smartphones and on the industry’s growth this year sparked a tumble in chip stocks and made Apple the S&P’s second biggest weight. Along with weak results from Philip Morris and Procter & Gamble, defensive sectors such as consumer staples .SPLRCS were also hurt by a rise in U.S. 10-year Treasury yields, which helped bank stocks. “It’s an o
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