A screen displays trading information for Morgan Stanley on the floor of the New York Stock Exchange. Morgan Stanley's shares ended down 6.8% on Wednesday after third-quarter profit showed a hit from lethargic dealmaking. – ReuterspicUS stocks ended sharply lower on Wednesday , with the S&P 500 and Nasdaq falling more than 1% each, as Treasury yields rose again and investors assessed the latest batch of quarterly corporate results and forecasts.
Mounting tensions in the Middle East stoked risk aversion. Safe-haven gold hit its highest level in more than two months. The Cboe Volatility index, Wall Street’s fear gauge, jumped. “We’re in a period of sector rotation, and people are trying to figure out in this new environment – in a full reset of rates across the curve – what are the stocks that are going to continue to do well and what are the stocks that are going to suffer,” said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.Higher yields from risk-free US Treasuries dull the appeal of stocks.
Morgan Stanley's third-quarter profit showed a hit from lethargic dealmaking. Shares ended the day down 6.8%.
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