Stocks fall hard amid rising interest rates and earnings fears

Stocks fall hard amid rising interest rates and earnings fears

Stocks fall hard amid rising interest rates and earnings fears

Wall Street declined on Tuesday, led by a selloff in industrials, materials and technology shares, after as 10-year Treasury yields hit the highly anticipated 3% mark for the first time in four years.

The Nasdaq dropped 121 points to close at 7,007 while the S&P 500 decreased nearly 36 points to 2,635.

The Dow Jones industrial average slipped more than 2 percent - 550 points - at its low in trading Tuesday as a key US government bond yield hit 3 percent for the first time in more than four years and in reaction to a seemingly innocuous comment from a Caterpillar executive.

The Nasdaq composite slipped 17.52 points, or 0.2 percent, to 7,128.60.

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The index fell a total of 424.56 points or 1.74 percent by closing to 24,024.13, dropping a total of 751.21 points from its session high following a 131-point increase to open trading.

Even with the 10-year note's move to the 3 percent level, interest rates remain historically low for this point in an economic expansion.

3M, Boeing and Caterpillar shaved 234 points off the Dow, contributing more than half of the index's selloff.

Alphabet slid 4.8 percent to $1,022.64 after the company said ad revenue climbed, but expenses also rose. But stocks were already "priced to perfection", leaving little room for error as companies reported financial results, he added. But the stock gave up those gains and finished with a loss of 6.2 percent at $144.44.

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The Dow was down 540 points, or 2.2 percent, at 23,918. Bloomberg News reported that the companies are close to a deal and the shares rose 2.2 percent to $163.53. "The 10-year yield was at 3 percent in 2014, and that's not ancient history".

The rate on the benchmark Treasury note is a key metric in determining many consumer and business interest rates. Brent crude, used to price global oils, gained 11 cents to $74.82 per barrel in London. Investors are now adjusting their positions to see how the economy responds to rising interest rates, what corporations will do with those earnings, and how higher levels of inflation affect the mix. The euro rose to $1.2237 from $1.2205.

ENERGY: Benchmark U.S. crude oil fell 10 cents to $67.60 a barrel. Silver climbed 0.7 percent to $16.70 an ounce. Japan's benchmark Nikkei 225 rose 0.9 percent, helped by the weaker yen. The S&P/Case-Shiller index rose a seasonally adjusted 0.5% and was up 6.3% compared with a year ago in February.

Gold rose 0.7 percent to $1,333 an ounce. In greater China, Hong Kong's Hang Seng Index was down 1.18%, while China's Shanghai Composite Index fell 0.54%.

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SMALL GOES BIG: American consumers got more confident in the economy in April, according to a survey by the Conference Board.

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