Stocks Down 425 As Tech Takes Hit; High 10-Year Treasury Yields

E-mini S&P 500 Index

The first time since 2014, 10-year Treasury yields hit three percent.

Wall Street limped into positive territory on Wednesday on optimism over a spate of upbeat earnings that was almost offset by jitters over rising USA bond yields and corporate costs.

The rise in Treasury yields reflected the durability of the US economic expansion and stoked views the three-decade-old bull market in bonds is coming to an end. Chemical companies and other materials makers could also see their profits affected as oil prices and other expenses rise.

Technology stocks also weighed on the major indexes. 3M said raw materials costs are rising, especially for materials derived from crude oil, whose price has been rising, and transportation and logistics expenses are rising as well.

The Dow Jones Industrial Average gained 59.7 points, or 0.25%, to 24,083.83, snapping a five-day losing streak. Analysts claim that the four-year high could spur some big investors to take money out of stock investments and put it into bonds citing continued inflation troubles. The Nasdaq composite dropped 148 points, or 2.1 percent, to 6,983. The 10-year Treasury note (http://www.marketwatch.com/story/heres-what-it-means-for-the-market-that-the-us-10-year-yields-3-2018-04-24) yield hit a new high at 3.026%, not seen since December 31, 2013, according to FactSet data.

Comcast rose 2.7 percent after the largest US cable company confirmed its $31 billion bid for Sky on the heels of its better-than-expected earnings report.

Benchmark U.S. crude oil shed 1.4 percent to $67.70 a barrel in NY. YIELDS QUESTION: Bond prices slipped again Tuesday.

E-mini Dow Jones Industrial Average
Daily June E-mini Dow Jones Industrial Average

The S&P 500 index lost 8 points, or 0.3 percent, to 2,626.

The aerospace company topped Wall Street's estimates in the first quarter and raised its forecasts for the year. The stock tumbled nearly 4% Tuesday after higher expenses at Google parent Alphabet raised concerns about profitability for the tech titans.

The largest percentage gainer on the TSX was Mitel Networks Corp, which rose 9.6 per cent. The market had a slight uptick from mid-day as the stock exchange was reporting the Dow was down at least 600 points at one point.

The Nasdaq is down 138.77 points, or 1.9 percent. The euro rose to $1.2237 from $1.2205.

The Russell 2000 is up 17.77 points, or 1.2 percent.

Japan's benchmark Nikkei 225 rose 0.9 percent, helped by the weaker yen.

CURRENCIES: The dollar rose to 109.17 yen from 108.67 yen. The Kospi in South Korea lost 0.4 percent and Hong Kong's Hang Seng added 1.4 percent. Brent crude, used to price global oils, fell 27 cents to $73.59 a barrel in London.

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