Wall Street slumps as bond yields rise, tech stocks fall, financial companies report positive profits

From Yahoo Finance: 2024-04-15 14:38:51

U.S. stocks are down due to higher bond yields influenced by a strong economy. S&P 500 fell 1.1%, Dow Jones down 0.6%, and Nasdaq 1.6% lower. Despite an initial rise of 0.9%, bond yields surged after the latest U.S. economic report showed growth. Traders favor lower interest rates for economic boosts, but reports suggest only one or two cuts this year. Tech stocks like Apple, Nvidia, and Microsoft fell due to rising yields, while financial companies like Goldman Sachs and M&T Bank reported positive profits. Oil prices held steady after fears of escalating Middle East tensions.



Read more at Yahoo Finance: Wall Street slumps after erasing an earlier gain as yields crank up the pressure