Stock market today: Wall Street wilts to trim its May gains as bond yields keep rising

NEW YORK — U.S. stocks closed lower under the weight of higher yields in the bond market. The S&P 500 fell 0.7% Wednesday, sinking further from its record set last week. The Dow Jones Industrial Average lost 1.1% and the Nasdaq composite fell 0.6% after setting its latest all-time high. American Airlines Group led a slump for airlines after cutting its forecast for profit and other financial targets for the spring.

American Airlines Group led a slump for airline stocks after it cut its forecast for profit and other financial targets for the spring. It said fuel costs may be a bit lower than previously thought, but an important revenue trend would likely be as well. It also said its chief commercial officer, Vasu Raja, is leaving the company. It lost 14.7%.

Another climb in longer-term Treasury yields also weighed on the stock market, and the 10-year yield rose to 4.61% from 4.54% late Tuesday following an auction of $44 billion in seven-year Treasurys. Worries have been rising that meh demand from buyers for Treasurys in such auctions will help drive yields higher.

This month's swings in Treasury yields have also come as traders recalibrate their expectations for when the Federal Reserve could begin cutting its main interest rate, which is at its highest level in more than two decades. A report from the Fed released Wednesday said that it's heard from businesses and other contacts around the country that consumers are pushing back against more increases to prices. That in turn is eating into companies' profits as their own costs for insurance and other expenses continue to rise.

The U.S. stock market has been continuing to set records despite worries about interest rates staying high in part because stocks related to artificial-intelligence technology keep rising. Nvidia’s latest blowout profit report helped drive the frenzy even higher, but momentum can’t last forever. Its stock fell in morning trading before flipping to a gain of 1.1%, which would be its weakest since its profit report a week ago.

Colombia Últimas Noticias, Colombia Titulares

Similar News:También puedes leer noticias similares a ésta que hemos recopilado de otras fuentes de noticias.

Stock market today: Wall Street pulls back, trimming its gains for MayNEW YORK (AP) — Stocks are pulling back and trimming their gains for May. The S&P 500 was 0.8% lower in early trading Wednesday and edging further below its record set last week.
Fuente: SooToday - 🏆 8. / 85 Leer más »

Stock market today: Asian shares decline after a mixed post-holiday session on Wall StreetTOKYO (AP) — Asian shares were mostly lower Wednesday after a mixed session on Wall Street following a three-day holiday weekend.
Fuente: YahooFinanceCA - 🏆 47. / 63 Leer más »

Stock market today: Wall Street drifts in quiet trading after returning from 3-day weekendU.S. stock indexes are drifting near their record heights after Wall Street returned from a three-day weekend. The S&P 500 was up 0.1% early Tuesday and just below its record set last week.
Fuente: SooToday - 🏆 8. / 85 Leer más »

Stock market today: Nasdaq sets another record as Wall Street wins back earlier lossesNEW YORK (AP) — U.S. stocks rose in a bounce back from Wall Street’s worst day since April. The S&P 500 gained 0.7% to win back all its losses from earlier in the week.
Fuente: SooToday - 🏆 8. / 85 Leer más »

Stock market today: Wall Street opens slighlty higher but is still heading for a losing weekNEW YORK (AP) — Stocks are opening modestly higher following Wall Street’s worst day since April. The S&P 500 was up 0.3% in early trading Friday, but it may still be heading for its first losing week in the last five.
Fuente: SooToday - 🏆 8. / 85 Leer más »

Stock market today: Asian shares track Wall Street's slide on worries over interest ratesAsian shares retreated Friday after strong reports on the U.S. economy raised the possibility of interest rates staying painfully high.
Fuente: YahooFinanceCA - 🏆 47. / 63 Leer más »