Dow drops about 300 points; Investors await Costco earningsWorries about rising bond yields and a strengthening dollar are dragging down stocks again. Investors are also keeping watch on a possible government shutdown.
The yield on the 10-year U.S. Treasury note has been choppy Tuesday. It settled Monday at a 16-year high a little above 4.5%, and it's still above that level. Rising yields have hurt stocks recently in part by stoking concerns that they could slow down the economy by increasing borrowing costs for businesses and consumers. A stronger dollar can also hurt companies that rely on revenue from outside of the country., which could come within a matter of days, could hurt the U.S.’s credit rating.
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Market Breadth has Weakened: Implications for S&P 500 & NasdaqMarket breadth in US indices has weakened recently, with some indicators around multi-month lows. From a contrarian perspective, it could reflect oversold conditions, pointing to a minor rebound ahead of the US earnings season.
Source: DailyFX - 🏆 305. / 63 Read more »