Rising bond yields put pressure on the market today after the 10-year Treasury yield jumped above 2.78%, its highest level in three years. The Dow and tech-heavy Nasdaq both finished with steep triple-digit losses, as investors fled growth stocks in anticipation of higher interest rates. All five FAANG stocks, as well as Microsoft (MSFT), finished with losses of 2% or more. Meanwhile, Wall Street is looking ahead to tomorrow's inflation data via the consumer price index (CPI), as well as earnings from several bank stocks later in the week.
The Dow Jones Average (DJI - 34,308.08) dropped 413 points, or 1.2% for the day. Verizon (VZ) led the small number of gainers with a 0.7% rise, while Microsoft (MSFT) dropped to the bottom of the index with a 3.9% loss.
The S&P 500 Index (SPX - 4,412.53) lost 75.8 points, or 1.7%, for the day, while the Nasdaq Composite (IXIC - 13,411.96) fell 299 points, or 2.2% in today's session.
Lastly, the Cboe Market Volatility Index (VIX - 24.37) added 3.2 point, or 14.9% for the day.
OIL PRICES HIT 6-WEEK LOW
Oil prices fell today as Covid-19 shutdowns in China put pressure on the commodity. May-dated West Texas Intermediate (WTI) crude losing $3.97, or 4%, to settle at $94.29 a barrel -- the lowest level for a front-month contract since February 25.
Gold prices rose for the third straight day. June-dated gold added $2.60, or 0.1%, to settle at $1,948.20 an ounce -- the highest settlement for the front-month contract since March 31.
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