The Dow shed nearly 700 points today, logging its worst daily performance since Dec. 15, as rising rates and disappointing retail earnings weighed on the broader market. The 10-year Treasury yield and 2-year rate both hit levels not seen since November, as investors continue to contend with red-hot inflation readings. In response, the Nasdaq logged a third consecutive daily loss and the worst session since mid-December. The S&P 500 finished solidly lower as well.
Oil, Gold Prices Fall On Rising Treasury Yields, U.S. Dollar
Oil prices extended last week's losses, with March-dated crude futures shedding 18 cents, or 0.2%, to settle at $76.16 per barrel Tuesday. Rising Treasury yields and the U.S. dollar pressured black gold today.
Gold futures also fell for the session, cutting into their year-to-date lead. Specifically, April-dated gold fell $7.70, or 0.4%, to settle at $1,842.50 per ounce today.
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