© Reuters. FILE PHOTO: Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., July 26, 2023. REUTERS/Brendan McDermid/File Photo
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AMZN
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META
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US500
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DJI
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IXIC
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US10Y…
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By Lewis Krauskopf, Ankika Biswas and Shashwat Chauhan
(Reuters) – Wall Street’s main indexes ended sharply lower on Tuesday as 10-year Treasury yields held their multi-year highs, with investors still wrestling with prospects for a long period of high interest rates and the economic fallout.
Adding to investor anxiety was the potential of a partial U.S. government shutdown by the weekend, which ratings agency Moody’s (NYSE:MCO) warned would harm the country’s credit.
Benchmark 10-year Treasury yields have climbed to 16-year highs in the wake of the Federal Reserve’s hawkish longer-term rate outlook last week.
“We continue to adjust to the higher interest rates,” said Brad McMillan, chief investment officer for Commonwealth Financial Network.
“What you are getting is increasingly a sense that the market is overvalued. … There’s a real sense out there that this isn’t sustainable, and buyers are being scared away.”
According to preliminary data, the S&P 500 lost 63.77 points, or 1.47%, to end at 4,273.67 points, while the Nasdaq Composite lost 206.02 points, or 1.55%, to 13,065.30. The Dow Jones Industrial Average fell 388.75 points, or 1.14%, to 33,618.13.A
All 11 S&P 500 sectors ended lower. The heavyweight tech sector dropped sharply as did the rate-sensitive utilities and real estate groups.
Megacap stocks that have propelled indexes higher this year mainly dragged on Tuesday.
Amazon.com (NASDAQ:AMZN) shares dropped as the U.S. Federal Trade Commission filed a long awaited antitrust lawsuit against the online retailer.
Investors are focused on Friday’s personal consumption expenditures price index for a fresh view of the inflation picture. This week also brings other data including on durable goods and second-quarter gross domestic product, as well as remarks by Fed policymakers such as Chair Jerome Powell.
In company news, Immunovant (NASDAQ:IMVT) shares surged after early-stage data from the drug developer’s experimental antibody treatment exceeded analysts’ expectations.
Source: Investing.com
