Stock market today: Wall Street buckles under higher bond yields as Dow wipes out gain for the year

NEW YORK — Wall Street tumbled as it focused on the downside of a surprisingly strong job market. The S&P 500 lost 1.4% Tuesday. The Dow fell 430 points and wiped out the last of its gains for the year so far. The Nasdaq composite led the market lower with a 1.9% drop as Big Tech stocks were among the market’s biggest losers. Stocks fell after a report showed U.S. employers have many more job openings than expected.

The 10-year Treasury yield climbed again Tuesday, up to 4.80% from 4.69% late Monday and from just 0.50% early in the pandemic. It touched its highest level since 2007 and rose after a report showed U.S. employers have many more job openings than expected. Fed Gov. Michelle Bowman said in a speech Monday that she expects it will likely be appropriate “to raise rates further and hold them at a restrictive level for some time.” Restrictive is what Fed officials call high-enough rates to slow the overall economy.

“It’s a classic good news is bad news because the potential impact of higher interest rates on both the economy and markets is becoming concerning as the yield on the 10-year Treasury note continues to march higher,” said Yung-Yu Ma, chief investment officer at BMO Wealth Management. A weaker recovery than expected in China’s economy was one of the main reasons McCormick, a maker of cooking spices, reported slightly weaker revenue for its latest quarter than analysts expected. Its profit matched expectations, but its stock fell 8.5%.

Canada Canada Latest News, Canada Canada Headlines

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

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: 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: Unrelenting rise in Treasury yields drags Wall Street lowerNEW YORK (AP) — 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%.
Source: SooToday - 🏆 8. / 85 Read more »

Netflix reportedly considering raising price of ad-free tier, stocks tumble on rising yields: Yahoo Finance LiveNetflix (NFLX) shares are in focus after the Wall Street Journal reported that the streaming service plans on raising the price of its ad-free tier after a deal is reached with the actors’ union. On Wall Street, all three of the major indices are trading lower as the U.S. 10-year Treasury Yield (^TNX) hit levels not seen since 2007. Trending tickers on Yahoo Finance today include Airbnb (ABNB), POINT Biopharma Global (PNT), and McCormick & Company (MKC).Top guests on Yahoo Finance Live today include:3:05 p.m. ET - Kavita Gupta, Delta Blockchain Fund3:20 p.m. ET - Gerard Cassidy, RBC Capital Markets Managing Director3:35 p.m. ET - Greg Daco, EY Chief Economist3:35 p.m. ET - Kevin Mahn, Hennion & Walsh CIO4:20 p.m. ET - Kelly Pedersen, PwC US Retail Leader
Source: YahooFinanceCA - 🏆 47. / 63 Read more »