Recent Wall Street losses have been primarily driven by rising benchmark 10-year U.S. Treasury yields, which reached a three-month high. This increase has prompted investors to reassess their expectations for Federal Reserve rate cuts, particularly in light of strong economic data and the upcoming presidential election. Adam Turnquist, chief technical strategist at LPL Financial, noted, "The market is struggling to digest this latest backup in yields," emphasizing how these factors contribute to ongoing
Benchmark 10-year U.S. Treasury yields reached a three-month high, prompting investors to reassess their expectations for Fed rate cuts in light of strong economic data and the upcoming presidential election. Adam Turnquist, chief technical strategist at LPL Financial, noted, "The market is struggling to digest this latest backup in yields," indicating that higher rates are weighing on stocks.
In the tech sector, notable declines were observed among rate-sensitive stocks: Nvidia fell by 2.81%, Apple decreased by 2.16%, Meta Platforms dropped 3.15%, and Amazon slid 2.63%, all contributing to a decline in the tech-heavy Nasdaq index. Of the 11 S&P sectors, only utilities and real estate showed gains.
The Dow Jones Industrial Average fell by 409.94 points (0.96%) to close at 42,514.95, the S&P 500 lost 53.78 points (0.92%) to finish at 5,797.42, and the Nasdaq Composite dropped 296.47 points (1.60%) to end at 18,276.65.
McDonald's saw a significant drop of 5.12% following an E. coli outbreak linked to its Quarter Pounder hamburgers, which resulted in one death and multiple illnesses. Coca-Cola's stock decreased by 2.07% after the company reiterated its annual profit growth forecast, despite anticipating higher revenue.
Boeing dropped by 1.76% after reporting a quarterly loss of $6 billion due to a significant strike. Meanwhile, Texas Instruments gained 4% after its third-quarter profits exceeded forecasts, and AT&T rose by 4.60% after surpassing expectations for new wireless subscribers.
Tesla, the first of the "Magnificent Seven" companies to report earnings after market close, saw a decline during the trading day but gained 8% in after-hours trading, beating profit margin estimates.
Don't miss out on the latest Forex trading news and analysis. Visit our website for more benefits of trading with FIXIO: Explore Forex Trading with FIXIO.
Wall Street losses were driven by tech declines and rising Treasury yields, raising concerns over Federal Reserve rate
Superior trade execution & trading conditions with the NDD method.
The online FX industry provides a platform for investors worldwide to engage in the buying and selling.
Subscribe to our daily newsletter and get the best forex trading information and markets status updates
Trade within minutes!
日本語
English
Comment (0)