Boeing set to lead Wall St higher after two-day slump

US stocks retreat from records ahead of packed week for corporate earnings

The Dow Jones industrial average last night suffered its largest points fall in eight months, adding to fears that stock markets are heading for a sharp correction. The Nasdaq climbed 9 points, or 0.1 percent, to 7,411. Leading indices in Europe and Asia also closed deep in the red.

Anthem's strong results and forecast sent its shares up 1.5 percent and also boosted other health insurers, a day after the group and other health stocks were hit by news of Amazon's healthcare plans.

Apple shares fell as much as 2.6 per cent after the Nikkei reported the company will halve the production target for its flagship iPhone X this quarter.

However, the Fed said it will "carefully monitor" inflation, which it expects to "move up this year".

The S&P 500 Healthcare index was the day's biggest loser among the 11 major sectors, dropping by 2.13%.

The Dow is down 467.32 points, or 1.8 percent.

As the U.S. treasury bond sell off depended, USA treasury yields shot up to a peak of 2.73%, the highest level since 2014.The Dow dumped 177 points in its worst trading day so far this year and the S&P dived 0.7%.

The selloff set traders in the options market fretting about a near-term shock to equities and the Cboe Volatility Index, the most widely followed barometer of expected near-term stock market gyrations, closed up 0.95 points at 14.79, its highest close since August 17.

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The Standard & Poor's 500 index rose 15 points, or 0.6 percent, to 2,837.

"Investors are catching up to the fact that rates have risen", said Jonathan Mackay, investment strategist at Schroders.

Bond yields also rose, reflecting last year's three USA interest rate hikes.

Beside a host of earnings reports, this week includes US President Donald Trump's State of the Union address, the Federal Reserve's monetary policy meeting and the US jobs report.

HONG KONG - Asian shares extended their bull run on Monday amid upbeat corporate earnings and strong global economic growth, while the dollar struggled to bounce as the White House continued to complain of "unfair" trade practices by competitors. They has risen about 2 percent earlier after the company's quarterly results and full-year forecasts beat expectations.

USA stock index futures drifted higher late on Tuesday as Trump gave his State of the Union address.

Declining issues outnumbered advancing ones on the NYSE by a 3.39-to-1 ratio; on Nasdaq, a 1.75-to-1 ratio favoured decliners. Express Scripts, McKesson, Humana, Cigna, UnitedHealth, CVS Health and Centene were down between 5.3 percent and 7.2 percent.

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