Stocks are down due to concerns about higher interest rates

From Nasdaq: 2024-05-29 11:44:11

US stock indexes are down today as bond yields rise amid concerns about the Fed keeping interest rates higher for longer. Positive M&A activity includes ConocoPhillips buying Marathon Oil for $17 billion and Merck & Co. purchasing Eyebiotech Ltd for up to $3 billion. Positive Q1 earnings reports are also supporting the markets. Overseas, European government bond yields are higher, with German CPI rising 2.8% y/y. German consumer confidence also improved.

US 10-year T-note yield is up at 4.586% as bond prices fall to 3.5-week lows due to increased inflation expectations and Treasury supply pressures. European government bond yields are moving higher as well. Airline stocks, regional banks, and managed healthcare stocks are falling today. Among gainers are Marathon Oil after an acquisition deal and Apple, which won a case in China. Dick’s Sporting Goods and Chewy report strong Q1 earnings results.



Read more at Nasdaq: Stocks Tumble on Concern Interest Rates Will Stay Higher for Longer