Stocks Fall for Fifth Day as Treasury Yields Surge

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Like what you see? You can subscribe. Not only was that Tesla's first annual drop in deliveries, the figure was also below expectations, according to a consensus of estimates compiled by StreetAccount. Delivery are the closest approximation of sales reported by Tesla.

But, like workers shedding the new year festivities and glumly marching back to the office, stocks lost their sheen, began tilting down and closed the session lower.lost 0.16%. Their loss on Thursday means the S&P and Nasdaq have closed lower for five consecutive sessions, their longest losing streaks since April.began to climb and, at 12 p.m. U.S. time, was close to touching 4.6%. That coincided with the time stocks began to decline: The S&P 500 lost around 60 points between 12 p.m.

Even though the 10-year yield eventually levelled off at the end of the day, persistently high yields are a threat to stocks because they represent a safer avenue where investors can stash their cash. When Treasurys can give a guaranteed 4.6% return, the risk of betting on stocks seems less attractive.

Treasurys might be even more appealing this year because analysts don't expect the S&P to return anywhere near its 23.31% surge in 2024. It's more likely to gain 9% in 2025, on a median basis, according to thechief multi-asset strategist, wrote in a Thursday note,"Hawkish pivot by the Fed prompts a further rise in yields, triggering what we call the Danger Zone."

That said, Kettner thinks the market choppiness now"should create attractive entry points given that fundamentals are still on a solid footing — we think will bring a proper Goldilocks backdrop."Mission Valley

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