Wall Street slumps to worst day since April on worries about interest rates

In the latest example of how good news for the economy can be bad for Wall Street, most U.S. stocks slumped Thursday after strong economic reports raised the possibility of interest rates staying painfully high. The weakness was widespread and overshadowed another blowout profit report from market heavyweight Nvidia. The Standard & Poor's 500 fell 0.7% for its sharpest drop since April and pulled further from its record set this week. The Dow Jones industrial average dropped 1.

Hopes are still high for at least one cut to rates this year. But traders pulled back on some of those bets after Thursday’s reports. The yield on the 10-year Treasury, which helps set rates for mortgages and other loans, rose to 4.47% from 4.43% late Wednesday. The two-year yield, which more closely tracks expectations for action by the Federal Reserve, climbed to 4.93% from 4.87%. That helped send stocks of utilities and real-estate companies to some of the market’s sharpest losses.

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