Stock Market News, Oct. 18, 2023: S&P 500 Closes Lower, Treasury Yields Climb Above 4.9%

A recent bounceback for some beat-up stocks came in for a hard landing. Benchmark 10-year U.S. Treasury yields hit yet another long-time high, settling north of 4.9% for the first time in years. Uncertainty and disagreement about what is even being priced into those yields is hardly a good sign in a nervy market. So after solid gains earlier this week, bank stocks reversed course sharply following reports from Morgan Stanley and several regional lenders. U.S.

Morgan Stanley's shares were off by nearly 7%, as the Wall Street giant revealed a sharp drop in investment-banking revenue. The KBW Nasdaq Bank index fell 2.5%. Airline stocks also traded lower after United Airlines cut its earnings forecast for the last three months of the year. Investors were not moved by a plan to 'shave up to two minutes off' the boarding process. American and Alaska Air report on Thursday. United shares fell nearly 10% on the day.

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