Chip Shares Rally as Global Stocks Eke Out Small Gains
By Caitlin Ostroff
Global stocks posted slight gains Tuesday, while the microchip
sector rallied on a brighter earnings outlook.
U.S. futures for the S&P 500 were up 0.2%. The Stoxx Europe
600 rose 0.3% and the U.K.'s FTSE 100 edged up 0.4%.
In premarket trading, shares of Advance Auto Parts dipped 5.8%
after the retailer trimmed its 2019 sales guidance. Rockwell
Automation climbed 9.4% after the Milwaukee-based industrial
technology company beat forecasts for its adjusted profit. Tyson
Foods fell 5.9% after the food company posted fourth-quarter
earnings and sales that missed estimates.
Shares of Portland-based brewing company Craft Brew Alliance
soared 122% in off-hours trading after Anheuser-Busch offered to
buy the remaining shares of the company Monday.
In Europe, German chip maker Infineon Technologies shares gained
6.4% after it reported a rise in fourth-quarter profit despite
macroeconomic uncertainty and weakening global auto demand. Shares
in U.K. chip specialist Dialog Semiconductor and Netherlands-based
ASM International also rose.
Investors will look to President Trump's speech at the Economic
Club of New York later today for clues on U.S. trade policy.
"There's cautious optimism that we will get some fairly positive
outlooks from President Trump," said Michael Hewson, chief market
analyst at CMC Markets. He said markets are hopeful that no tariffs
will be placed against European auto makers and are watching to see
whether Mr. Trump goes forward with tariffs on Chinese goods, set
to go into effect on Dec. 15.
Stocks traded up in Asia, where the Hang Seng rose 0.5% amid
ongoing pro-democracy demonstrations. The Shanghai Composite gained
0.2% and Japan's Nikkei 225 climbed 0.8%.
The yield on the 10-year U.S. Treasury climbed slightly to
1.945% from 1.930% after the long weekend. Bond markets were closed
Monday. Yields rise when prices fall.
In currencies, the British pound fell 0.2% against the U.S.
dollar, paring back some gains made Monday after Nigel Farage's
Brexit Party said it won't contest Conservative-held seats in the
December election, decreasing the likelihood of a hung
Write to Caitlin Ostroff at firstname.lastname@example.org
(END) Dow Jones Newswires
November 12, 2019 08:34 ET (13:34 GMT)
Copyright (c) 2019 Dow Jones & Company, Inc.
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