Wall Street dropped after big U.S. companies delivered a mixed set of profit reports and rising Treasury yields tightened the vise further on the stock market.The S&P 500 fell 1.3%. The Dow Jones Industrial Average lost 332 points, and the Nasdaq composite fell 1.6%.
The forecast overshadowed United's reporting a bigger profit for the summer than Wall Street had predicted. Other airlines fell in concert, with American Airlines down 5.2% and Delta Air Lines down 4.7%. Nasdaq rose 3.9% for one of the stock market's bigger gains after it reported stronger profit for the latest quarter than expected. It benefited from high-profile stock debuts on its trading exchange, as well as growth for its anti-financial crime business.
Treasury yields in the bond market have been on a steady march higher as investors accept a new normal where the Federal Reserve is likely to keep interest rates high to get inflation under control. High rates and yields hurt prices for stocks and other investments. Still, investors remain cautious. Global fund managers are holding more cash to protect themselves, up to 5.3% of their total portfolios in October from 4.9%, according to the latest survey by Bank of America.
The spark for the jump was a blast at a Gaza hospital that reportedly killed hundreds. Hamas blamed it on an Israeli airstrike, while the Israeli military blamed a rocket misfired by members of another Palestinian militant group. President Joe Biden seemed to suggest it wasn’t Israel.
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