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Stocks Buckle, Dow Wipes Out Gains for the Year

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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 431 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.

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%.

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