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Stock market today: Dow, Nasdaq, S&P 500 slide as Treasury yields hit highest level since July

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Earnings Reports,Federal Reserve,Donald Trump

Stocks are eyeing a second day of losses as investors rethink the outlook for interest-rate cuts over the next year.

US stocks retreated on Tuesday as investors digested a recent bond-market selloff and braced for the next wave of earnings reports. The S&P 500 dropped more than 0.5%. The Dow Jones Industrial Average dropped more than 120 points, or around 0.3%, while the tech-heavy Nasdaq Composite slid roughly 0.6%. Stocks are coming under pressure amid growing doubts that the Federal Reserve will continue to cut rates aggressively — or even hold steady in November.

The bond selling has weighed on rate-sensitive stocks such as real estate, with rising yields typically a catalyst for stock drawdowns. On the earnings front, General Motors raised its guidance for the third time this year as upbeat EV sales helped deliver a quarterly profit and revenue beat. GM shares were up more than 5%. Elsewhere in earnings, GE Aerospace fell over 7% and Verizon shares fell around 5% on mixed third quarter reports.

 

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