A photographer takes photos of an electronic board showing Japan’s yen and U.S. dollar exchange rate at a securities firm Thursday, April 11, 2024, in Tokyo. A person walks past an electronic stock board showing Japan’s stock prices at a securities firm Thursday, April 11, 2024, in Tokyo. People walk past an electronic stock board showing Japan’s stock prices at a securities firm Thursday, April 11, 2024, in Tokyo.
On Wednesday, the S&P 500 dropped 0.9% to 5,160.64. The Dow Jones Industrial Average dropped 1.1% to 38,461.51, and the Nasdaq composite fell 0.8% to 16,170.36. The yield on the 10-year Treasury jumped to 4.54% from 4.36% late Tuesday and is back to where it was in November. The two-year yield, which moves more on expectations for Fed action, shot even higher and rose to 4.97% from 4.74%.High interest rates work to undercut inflation by slowing the economy and hurting investment prices. The fear is that rates left too high for too long can cause a recession.
Real-estate stocks in the S&P 500 fell 4.1% for the biggest loss by far among the 11 sectors that make up the index. That included a 6.1% drop for office owner Boston Properties and a 5.3% tumble for Alexandria Real Estate Equities.
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