A global rise in bond yields and stubborn crude prices pressured stocks lower today. The Dow logged its seventh loss in the last 10 sessions, the blue-chip index brushing off a post-earnings gain from Home Depot (HD). The S&P 500 and tech-heavy Nasdaq logged their third consecutive slide, with semiconductor and memory stocks faring the worst.
All three major indexes logged their lowest close in two weeks. The small cap Russell 2000 (RUT) joined the selloff, but at least held the 3,000 level. The U.S. 30-year yield surged to a 19-year high of 5.335% earlier, while the 10-year remained at its highest mark since 2007.
Gold Slides on Global Yield Breakout
Crude logged a third-straight gain as tensions between the U.S. and Iran continued to show no signs of stopping. September-dated West Texas Intermediate (WTI) oil added 44 cents to settle at $84.94 per barrel.
The global surge in yields pushed gold prices lower for today's session. Today's most-active, December-dated gold futures lost 0.6% to settle at $4,448 for the day.
Comments
Log in or sign up to join the conversation.