Oct 24 2024, 03:12
Wall Street closed lower on Wednesday, as climbing Treasury yields pressured megacap stocks and investors grew less confident about strong rate cuts from the Federal Reserve, while corporate news pressured McDonald’s and Coca-Cola.
Benchmark 10-year U.S. Treasury yields reached a three-month high with investors reassessing the Fed rate-cut outlook over the next few months against the backdrop of strong economic data and the upcoming presidential election.
Among rate-sensitive megacaps, Nvidia, Apple, Meta Platforms and Amazon slid, pulling Information Technology stocks lower and dragging on the tech-laden Nasdaq.
Out of the 11 S&P sub sectors, only utilities and real estate posted more noticable gains.
According to preliminary data, the S&P 500 lost 53.61 points, or 0.92%, to end at 5,797.59 points, while the Nasdaq Composite lost 297.15 points, or 1.60%, to 18,275.98. The Dow Jones Industrial Average fell 415.29 points, or 0.97%, to 42,509.60.
Source : Reuters
