Stocks Buckle, Dow Wipes Out Gains for the Year

The Nasdaq composite led the market lower with a 1.9% drop as Big Tech stocks were among the market’s biggest losers.

The 10-year Treasury yield climbed again Tuesday, up to 4.80% from 4.69% late Monday and from just 0.50% early in the pandemic. It touched its highest level since 2007 and rose after a report showed U.S. employers have many more job openings than expected. Fed Gov. Michelle Bowman said in a speech Monday that she expects it will likely be appropriate “to raise rates further and hold them at a restrictive level for some time.” Restrictive is what Fed officials call high-enough rates to slow the overall economy.

“It’s a classic good news is bad news because the potential impact of higher interest rates on both the economy and markets is becoming concerning as the yield on the 10-year Treasury note continues to march higher,” said Yung-Yu Ma, chief investment officer at BMO Wealth Management. A weaker recovery than expected in China’s economy was one of the main reasons McCormick, a maker of cooking spices, reported slightly weaker revenue for its latest quarter than analysts expected. Its profit matched expectations, but its stock fell 8.5%.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Stock Market News Today: Dow Falls 300 Points; Meta, Alibaba Stocks in FocusLive coverage of what's moving stocks and other markets, including the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite
Source: WSJ - 🏆 98. / 63 Read more »

Stock Market News Today: Dow Falls 500 Points; Meta, VinFast Stocks in FocusLive coverage of what's moving stocks and other markets, including the Dow Jones Industrial Average, S&P 500 and Nasdaq Composite
Source: WSJ - 🏆 98. / 63 Read more »

Dow down 267 points on losses in 3M, McDonald's stocksThe Dow Jones Industrial Average is down Monday afternoon with shares of 3M and McDonald's delivering the stiffest headwinds for the index. Shares of 3M and...
Source: MarketWatch - 🏆 3. / 97 Read more »

Dow industrials erase 2023 gain as stocks extend selloffThe Dow Jones Industrial Average turns negative for the year to date on Tuesday.
Source: MarketWatch - 🏆 3. / 97 Read more »

Dow now negative for year as rising yields hit stocksAs bond yields climb to 16 year highs, investors are trading stocks for low to no risk options creating headwinds for the Dow, S&P 500 and Nasdaq Composite.
Source: FoxBusiness - 🏆 458. / 53 Read more »

Stock Market Today: Dow turns negative for 2023 as surging yields sink stocks By Investing.comStock Market Today: Dow turns negative for 2023 as surging yields sink stocks
Source: Investingcom - 🏆 450. / 53 Read more »