Stock Market Today: Dow closes lower on rising yields, plunge in American Airlines

Investing.com-- The Dow closed sharply lower Wednesday, driven by rising Treasury yields and weakness in industrials as airlines stocks fell sharply on concerns about demand after American Airlines cut its profit guidance for Q2.The downgrade guidance prompted some on Wall Street turn bearish amid worries that American Airlines is struggling to keep up with compettition from low and ultra cost carries.

"AAL's revenue challenges are likely to persist beyond this summer given escalating ultra-low cost carrier growth at its top hubs," Seaport Research Partners said in Wednesday note as it cut its earnings outlook and downgraded American Airlines shares to neutral from buy.Treasury yields continued to climb following a series of weaker than expected auction results, signaling weaker demand, for government bonds including the $44B of 7-year notes auctioned Wednesday.

Signs of sticky inflation have led several officials to suggest in recent days that they would like to see more evidence of cooling prices before starting to bring rates down from more than two-decade highs.) is still due to report its fiscal first quarter earnings after the bell, with Wall Street likely on the lookout for updates on the business software group's Data Cloud division.

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