Stock market today: Wall Street drifts lower as pressure rises from the bond market

Rapidly rising yields in the bond market have been knocking stock prices lower since the summer. The yield on the 10-year Treasury briefly topped 5.02% early Monday to touch its highest level since 2007. Oil prices fell to ease some of the pressure on inflation. Chevron dropped after saying it would buy rival Hess for $53 billion, the latest huge deal in the oil-and-gas industry.

The Federal Reserve raised its overnight interest rate rapidly hoping to quash high inflation, which has come down from its peak last summer. The yield on the 10-year Treasury has recently has been catching up to the Fed's main interest rate, which is already above 5.25% — its highest level since 2001.

The escalation of conflict in the Middle East has rattled markets, adding to uncertainty about oil supplies from the region if the fighting spreads. International investors have been shifting their assets out of Chinese shares due to simmering geopolitical tensions, challenging economic conditions, and a crisis in the property industry.Shares in Taiwan-based Foxconn Technology Co., a Fortune 500 company known for making Apple iPhones, fell 2.2% after Chinese state media reported over the weekend that the company has been subjected to searches by Chinese tax authorities.

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.

Here’s why Bitcoin is becoming an option for Wall Street veteransBitcoin’s [BTC] growth over the last few days may have gladdened the hearts of market players. However, according to IntoTheBlock...
Source: CryptoAmb - 🏆 22. / 68 Read more »

Wall Street analysts on impact of rising yields on stocksSeveral Wall Street analysts, including Morgan Stanley's Mike Wilson and RBC Capital Markets' Lori Calvasina, published notes illustrating stock market risks...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Wall St opens lower as 10-yr yield hits 5%; Big Tech earnings in focusKitco News collects and features the top financial, economic and geopolitical news from around the world. Kitco's aggregated sources include some of the top newswires in the world including the Association Press, Canadian Press, Japanese Economic Newswire, and United Press International.
Source: KitcoNewsNOW - 🏆 13. / 78 Read more »

Stock Pickers Sidelined With World Events Overshadowing Earnings(Bloomberg) -- Earnings season typically is the time when investors can look past macroeconomic forces and focus on company-specific news moving stocks. This...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »

Stock Pickers Sidelined With World Events Overshadowing EarningsEarnings season typically is the time when investors can look past macroeconomic forces and focus on company-specific news moving stocks. This quarter, however, is turning out to be anything but typical.
Source: BNNBloomberg - 🏆 83. / 50 Read more »

11 charts to make sense of the stock marketThere seems to be a lot on investors’ minds lately. Fortunately, there are also lots of really smart people sharing charts that help contextualize all these ...
Source: YahooFinanceCA - 🏆 47. / 63 Read more »