U.S. Stocks Close Lower as Treasury Yields Rise

Nov 9 - U.S. stocks closed lower on Thursday, snapping the longest winning streaks for the Nasdaq and S&P 500 in two years, as Treasury yields climbed after a disappointing auction of 30-year bonds and comments from Federal Reserve Chair Jerome Powell.

Powell is"taking a hawkish viewpoint again," said Peter Cardillo, chief market economist at Spartan Capital Securities in New York."He's reassuring the market that the fight against inflation has not been won a and if economic conditions warrant, they won't hesitate to hike rates again," he said. The declines marked the biggest one-day percentage drops for the S&P and Nasdaq since Oct. 26, and the largest for the Dow since Oct. 27.

Most traders are betting the Fed will keep interest rates unchanged this year, even after Powell's comments, but now see rates cuts starting later in 2024, according to the CME Group's FedWatch Tool. Walt Disney jumped 6.9% on a quarterly profit beat and as Hollywood actors reached a tentative agreement with major studios.

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