USA stocks slid on Tuesday as 10-year Treasury yields hit the highly anticipated 3 per cent mark for the first time in four years, stoking concerns over higher borrowing rates for companies already facing rising costs, and as quarterly results failed to deliver positive outlooks. The Dow rose 59.70 points, or 0.2 percent, at 24,083.83. The S&P 500 closed at 2,639.40 for a gain of 4.84 points or 0.18%. Nasdaq Composite futures have gained 0.6%.
Stocks had tumbled on Tuesday after companies including Caterpillar, 3M and Sherwin-Williams said they seeing higher costs.
BONDS: The concerns about increased costs also come at a time of rising interest rates, which makes it more expensive for companies to borrow money.
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Stocks climbed in early trading as companies like Caterpillar, appliance maker Whirlpool, and Fifth Third Bancorp posted strong quarterly results. US bond yields rose again and set four-year highs while oil prices, already at three-year highs, continued to move higher.
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Other industrial, technology and basic materials companies also took sharp losses. Gina Martin Adams, chief equity strategist for Bloomberg Intelligence, said that hasn't happened yet. Industrial and basic materials companies and technology firms are taking some of the worst losses. According to Kensho, an analytics company, Caterpillar's stock has had a 0.81 correlation with the Dow over the last six months. The company reported better-than-expected first-quarter earnings and boosted its full-year sales and profit forecast but did not raise its 2018 cash-flow projections.
Benchmark U.S. crude oil shed 1.4 percent to $67.70 a barrel in NY.
Gold fell 0.7 percent to $1,324.10 an ounce and silver sank 0.8 percent to $16.57 an ounce. Boeing rose 1.1 percent to $332.58. Meanwhile, the Alphabet stocks fell by more than 4.5%. A new four-year high for the yield on the benchmark 10-year Treasury note, which crossed above 3% for the first time since January 2014 on Tuesday, added to the negative tone on Wall Street. Exxon Mobil rose 1.5 percent after raising its dividend.
Another market favorite, Amazon, shed 3.6 percent to $1,462.70. By the close, Hong Kong's Hang Seng lost 1%, South Korea's Kospi fell 0.6%, China's Shanghai Composite shed 0.4%, and Japan's Nikkei dipped 0.3%. 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.