Wall Street drops on concerns over US-China trade woes, rising inflation

Dow Jones recorded the eighth consecutive winning session

Among the worst performers on the S&P 500, Agilent Technologies (A) shares dropped almost 10% after the maker of medical instruments and other equipment posted quarterly earnings that matched forecasts late Monday. Smaller rival Lowe's Companies Inc was down 1.0%.

Stocks are opening moderately higher on Wall Street, led by gains in technology, health care and energy companies. That's the highest level since July 2011 for the yield, which is used to set interest rates on mortgages and other kinds of loans.

"A little bit of today's jitters are related to a hangover to yesterday's wrongly placed exuberance that a trade deal was imminent, and the reality is we are in for a long slugfest between the USA and China", said Jon Mackay, investment strategist at Schroders North America in NY.

The Dow is down 12.81 points, or 0.1 percent. The Commerce Department said retail sales rose 0.30% in April, in-line with economist expectations, and revised March growth to 0.8% from 0.6%.

"A combination of firm growth and higher interest rates is unnerving", said Anthony Chan, chief economist for Chase in NY. Chip maker Nvidia fell 3.8 percent; drug maker Celgene slid 3.9 percent. On Monday it rose 35 cents to settle at $71.31 a barrel.

Brent crude oil settled at $78.43 a barrel, up 20 cents, or 0.3 per cent, after reaching an intraday peak of $79.47 a barrel, up $1.24 and its highest since November 2014.

Baynes plays well as Celtics down Cavs
James, who managed just 15 points in the Game 1 loss, has won five consecutive East playoff series after losing the series opener. Asked in the locker room by ESPN after the game if his head was OK, James nodded solemnly and said, "I'm OK".

The dollar rose to 110.38 yen from 109.66 yen late Monday.

The greenback's gains weighed on precious metals prices.

The biggest drags on the sector were Kinross Gold Corp., which fell 2.5 per cent, and Barrick Gold Corp., which dropped 1.9 per cent. Williams said he thought the "new normal" for the neutral rate was around 2.5% (he added that he didn't expect the fiscal stimulus to have any more than a 0.25% impact on neutral) while Kaplan put it in a range of 2.5-3%.

Major indexes in Europe finished mixed Tuesday. Apple Inc. fell 0.9%. France's CAC 40 inched up 0.2 percent.

NORTH KOREA: North Korea canceled a high-level meeting with South Korea, threatening to scrap a historic summit next month between President Donald Trump and North Korean leader Kim Jong Un over military exercises between Seoul and Washington that Pyongyang has long claimed are rehearsals for invasion.

In Asia, Japan's benchmark Nikkei 225 edged down 0.2 percent. Hong Kong's Hang Seng dropped 1.2 percent.

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