Stocks Tumble After Initial Surge as Treasury Yields Climb

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. Deliveries are the closest approximation of sales reported by Tesla.

Tesla is replacing its president of global affairs Nick Clegg, a former British deputy prime minister, with Joel Kaplan, the company's current policy vice president and a former Republican Party staffer. It's a sign of how tech companies are adapting. The European Union had been working to ensure the 27-nation bloc was prepared for such a scenario — though some countries are more at risk than others. As the first trading day of the year opened, all major indexes advanced, giving rise to the hope that stocks could begin 2025 bright and cheery. 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. The S&P 500 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. The 10-year Treasury yield 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. to 1 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

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