Wall Street drops, pressured by higher Treasury yields
U.S. equity indexes end red: Nasdaq off most, down ~1.6%
Cons Disc weakest S&P sector; Real Estate leads gainers
Dollar up; gold, crude both down >1%; bitcoin off >1.5%
U.S. 10-Year Treasury yield rises to ~4.24%
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WALL STREET DROPS, PRESSURED BY HIGHER TREASURY YIELDS
Wall Street shares ended sharply lower on Wednesday, hammered by a persistent, steady rise in U.S. Treasury yields and myriad of uncertainties that include geopolitical tensions around the world, and earning worries.
Higher yields undermined rate-sensitive megacaps such as Nvidia NVDA.O and Apple AAPL.O and pulled information technology .SPLRCT stocks lower and in turn dragged down the tech-laden Nasdaq.
That said, the consumer discretionary .SPLRCD sector led losses on the S&P 500.
"The dimming in rate cut probabilities, election uncertainties, and concerns over inflation from fiscal largess are all weighing" on yields, wrote Kim Rupert, managing director for fixed income analysis at Action Economics.
The Federal Reserve's Beige Book report, which has become a bigger driver of trading given the central bank's reliance on data at a time when there was a dearth of economic numbers, provided no major surprises. It showed that U.S. economic activity was little changed from September through early October and firms saw a slight uptick in hiring. That reinforced expectations the Fed will opt for a smaller 25 basis-point (bp) cut in two weeks.
Tesla results, meanwhile, came out after the bell on Wednesday, with a higher-than-expected profit margin for the third quarter, offering lucrative financial incentives to boost demand for its aging electric vehicle line up.
Wedbush analysts, in a research note, wrote that there are a lot of moving parts in the Tesla story in 2025, but ultimately "the encouraging China strength seen this quarter will be a linchpin for the bullish Tesla narrative looking ahead while the AI strategy evolves."
Here's the closing market snapshot:
(Gertrude Chavez-Dreyfuss)
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FOR WEDNESDAY'S EARLIER LIVE MARKETS POSTS:
US Q3 EARNINGS GROWTH FORECAST BARELY BUDGES - CLICK HERE
SPANISH BANKS Q3 EARNINGS SEASON READY TO KICK OFF - CLICK HERE
TOO EARLY TO EXPECT AN "AHA" MOMENT FOR AI IN DRUG DEVELOPMENT, SAYS LEERINK PARTNERS -CLICK HERE
A 50 BASIS-POINT FED CUT THIS YEAR NOT OUT OF THE PICTURE JUST YET - CLICK HERE
DOUBLE SHOT, ON THE HOUSE: WAITING FOR RATES TO COME BACK TO EARTH - CLICK HERE
WALL STREET SLIDES AS TREASURY YIELDS, EARNINGS WEIGH - CLICK HERE
NASDAQ COMPOSITE: KNOCKING ON THE DOOR OF NEW HIGHS - CLICK HERE
AUTOS AND PARTS TO REMAIN UNDER PRESSURE - CLICK HERE
EUROPEAN STOCKS HAVE HIGH TRUMP PREMIUM PRICED IN - BARCLAYS CLICK HERE
EUROPE STRUGGLES FOR DIRECTION, EARNINGS MIXED - CLICK HERE
EUROPE BEFORE THE BELL: FUTURES DIP AFTER RAFT OF EARNINGS - CLICK HERE
ELECTION AND FED JITTERS GRIP MARKETS -CLICK HERE
US closing snapshot https://tmsnrt.rs/3ND4pHj
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