Stock market today: Unrelenting rise in Treasury yields drags Wall Street lower

NEW YORK — Wall Street is sinking again under the weight of higher yields in the bond market. The S&P 500 fell 0.5% early Tuesday and is back to where it was in June. The Dow fell 157 and the Nasdaq composite was down 0.6%. After charging higher much of the year, U.S. stocks have lost roughly 40% since the end of July. The main culprit is an unrelenting rise in Treasury yields, which have reached levels unseen in more than a decade. The 10-year Treasury yield climbed again to 4.72% from 4.

“So, investors were on the fence, carefully considering the relationship between economic growth and interest rates and what actions the Federal Reserve might take in response to these factors,” Stephen Innes of SPI Asset Management said in a commentary. In corporate news, drugmaker Eli Lilly said it was buying Point Biopharma, which develops cancer-fighting treatments called radiogilands. Eli Lilly is paying $1.4 billion for Point, or $12.50 per share. Point shares jumped close to 85% before the bell.

Prices have pulled back after charging higher from $70 in the summer. A barrel of U.S. crude fell $1.97 on Monday to settle at $88.82.

Business Business Latest News, Business Business Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock market today: Unrelenting rise in Treasury yields drags Wall Street lowerWall Street is sinking again under the weight of higher yields in the bond market.
Source: CTVNews - 🏆 1. / 99 Read more »

Stock market today: Most of Wall Street slips as the bond market cranks up the pressureMost stocks are drifting lower Monday as the constrictor of higher interest rates tightens its coils around Wall Street.
Source: CTVNews - 🏆 1. / 99 Read more »

Stock market today: U.S. futures modestly lower after Congress narrowly averts a government shutdownWall Street pointed modestly lower early Monday after Congress narrowly averted a U.S. government shutdown with a last-minute, weekend compromise.
Source: CTVNews - 🏆 1. / 99 Read more »

Stock market today: US futures modestly lower after Congress narrowly averts a government shutdownWall Street pointed modestly lower early Monday after Congress narrowly averted a U.S. government shutdown with a last-minute, weekend compromise.
Source: CP24 - 🏆 30. / 67 Read more »

US futures steady after lawmakers avert shutdown: Stock market news todayStocks lost hold of earlier premarket gains as investors weighed what the deal to avert shutdown means.
Source: YahooFinanceCA - 🏆 47. / 63 Read more »