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Oct. 12, 2021, 4:37 p.m. EDT

Dow closes lower as U.S. stocks retreat for a third straight trading day ahead of company earnings

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By Christine Idzelis and William Watts

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Read: The 2021 stock-market highs are ‘almost certainly’ in, unless earnings clear this bar

Meanwhile, the International Monetary Fund said it now sees global growth of 5.9% this year — down one-tenth of a percent from its July forecast — and then slowing to 4.9% growth in 2022. The IMF cut its U.S. growth estimate for 2021 by 1% to 6%, its German forecast by five-tenths to 3.1% and its Canadian forecast by six-tenths to 5.7%.

“Rosy growth forecasts” are coming down, said Frank Rybinski, chief macro strategist at Aegon Asset Management, in a phone interview Tuesday. But “we don’t think the brakes are being slammed on the economy.”

In his view, the economic recovery will continue as COVID-19 cases arising from the delta variant of the coronavirus subside. “We still see above-trend growth for many quarters,” said Rybinski.

Also see: Failing to bring Covid-19 under control will cost $5.3 trillion in lost global growth over next five years, IMF estimates

The National Federation of Independent Business early Tuesday said its optimism index slipped one point to 99.1 in September , the lowest reading since March, as small-business owners remained frustrated by shortages of supplies and skilled labor.

On the labor-market front, U.S. job openings dropped to 10.4 million in August from an unprecedented 11.1 million in July, according to a government report Tuesday. A record number of workers quit in August as businesses struggle to fill jobs.

See: ‘I quit,’ a record number of U.S. workers are telling their bosses

Which companies were in focus?

  • General Motors Co. /zigman2/quotes/205226835/composite GM -1.99% said it reached an agreement with Korea’s LG Electronics Inc. /zigman2/quotes/209966407/delayed KR:066570 +2.96% over the costs of recalling Chevrolet Bolt electric vehicles and electric utility vehicles due to manufacturing defects in battery modules that LG supplied to GM. Shares of GM rose 1.5%.

  • Shares of Matson Inc. /zigman2/quotes/205690765/composite MATX +0.11% jumped about 8.4% after the shipping company late Monday said that increased demand for its shipping services will lead to greater-than-expected profit . Matson added a second shipping route from China to Southern California in May 2020, then another one to Northern California earlier this year, known as the CCX.

  • Signet Jewelers Ltd. /zigman2/quotes/204614427/composite SIG -2.65% announced the $490 million acquisition of Charlotte, N.C.-based Diamonds Direct USA Inc., a jewelry retailer that is “off-mall” and adds to Signet’s bridal business. Signet shares slipped 0.5%.

  • CarMax Inc. /zigman2/quotes/204412041/composite KMX +1.83% said Tuesday it planned to hire 3,700 employees by the end of the year. Shares climbed 1.8%.

What did other markets do?

  • The yield on the 10-year U.S. Treasury note /zigman2/quotes/211347051/realtime BX:TMUBMUSD10Y -2.18% fell 2.5 basis points to 1.579%. Yields and debt prices move in opposite directions.

  • The ICE U.S. Dollar Index /zigman2/quotes/210598269/delayed DXY +0.29% , a measure of the currency against a basket of six major rivals, edged up 0.2%.

  • U.S. oil futures ended higher , with the benchmark /zigman2/quotes/209723049/delayed CL00 +0.06% rising nearly 0.2% to settle at $80.64 a barrel. Gold futures /zigman2/quotes/210034565/delayed GC00 +0.16% rose 0.2% to settle at $1,759.30 an ounce.

  • The Stoxx Europe 600 /zigman2/quotes/210599654/delayed XX:SXXP +0.73% closed 0.1% lower, while London’s FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX +1.19% fell 0.2%.

  • The Shanghai Composite /zigman2/quotes/210598127/delayed CN:SHCOMP +1.60% dropped 1.2%, while the Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +2.96% fell 1.4% in Hong Kong and Japan’s Nikkei 225 /zigman2/quotes/210597971/delayed JP:NIK +1.27% lost 0.9%.

—Steve Goldstein contributed to this article.

/zigman2/quotes/205226835/composite
US : U.S.: NYSE
$ 35.40
-0.72 -1.99%
Volume: 24.41M
May 20, 2022 4:00p
P/E Ratio
5.88
Dividend Yield
0.00%
Market Cap
$51.61 billion
Rev. per Employee
$831,267
loading...
/zigman2/quotes/209966407/delayed
KR : S. Korea: KRX
104,500
+3,000 +2.96%
Volume: 1.21M
May 20, 2022 3:30p
P/E Ratio
18.24
Dividend Yield
0.81%
Market Cap
₩17956.11 billion
Rev. per Employee
₩2.14B
loading...
/zigman2/quotes/205690765/composite
US : U.S.: NYSE
$ 84.69
+0.09 +0.11%
Volume: 364,871
May 20, 2022 4:00p
P/E Ratio
3.04
Dividend Yield
1.42%
Market Cap
$3.43 billion
Rev. per Employee
$1.03M
loading...
/zigman2/quotes/204614427/composite
US : U.S.: NYSE
$ 54.74
-1.49 -2.65%
Volume: 1.40M
May 20, 2022 4:00p
P/E Ratio
4.59
Dividend Yield
1.46%
Market Cap
$2.73 billion
Rev. per Employee
$253,630
loading...
/zigman2/quotes/204412041/composite
US : U.S.: NYSE
$ 92.46
+1.66 +1.83%
Volume: 2.11M
May 20, 2022 4:04p
P/E Ratio
13.29
Dividend Yield
N/A
Market Cap
$14.84 billion
Rev. per Employee
$977,131
loading...
/zigman2/quotes/211347051/realtime
add Add to watchlist BX:TMUBMUSD10Y
BX : Tullett Prebon
2.79
-0.06 -2.18%
Volume: 0.00
May 20, 2022 4:59p
loading...
/zigman2/quotes/210598269/delayed
US : U.S.: ICE Futures U.S.
103.03
+0.30 +0.29%
Volume: 0.00
May 20, 2022 4:59p
loading...
/zigman2/quotes/209723049/delayed
US : U.S.: Nymex
$ 110.35
+0.07 +0.06%
Volume: 219,146
May 20, 2022 4:59p
loading...
/zigman2/quotes/210034565/delayed
US : U.S.: Nymex
$ 1,845.10
+3.00 +0.16%
Volume: 139,544
May 20, 2022 4:59p
loading...
/zigman2/quotes/210599654/delayed
XX : STOXX
431.10
+3.11 +0.73%
Volume: 0.00
May 20, 2022 11:03p
loading...
/zigman2/quotes/210598409/delayed
UK : FTSE UK
7,389.98
+87.24 +1.19%
Volume: 722,321
May 20, 2022 4:56p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,146.57
+49.60 +1.60%
Volume: 37.23B
May 20, 2022 3:00p
loading...
/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
20,717.24
+596.56 +2.96%
Volume: 2.17M
May 20, 2022 4:08p
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
26,739.03
+336.19 +1.27%
Volume: 0.00
May 20, 2022 3:15p
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