Stocks drift lower on Wall Street as rising bond yields increase pressure
NEW YORK (AP) – U.S. stock indexes are drifting lower as higher yields in the bond market turn up the pressure. The S&P 500 slipped 0.5% early Wednesday and was heading toward its eighth loss in the last 11 days. The Dow Jones Industrial Average fell 189 points, and the Nasdaq composite lost 0.7%. Kroger fell after the grocer said it agreed to buy Giant Eagle for $1.25 billion. Stocks felt pressure from rising yields in the bond market, which make it more expensive for businesses and households to borrow money and slow the economy. The yield on the 10-year Treasury rose to 4.48%.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
TOKYO (AP) – Global shares were mixed on Wednesday as uncertainty persisted over conflict in the Middle East and access to the crucial Strait of Hormuz despite an initial deal to end the U.S.-Iran war.
France’s CAC 40 declined 0.3% in early trading to 8,379.92, while the German DAX added 0.3% to 25,069.53. Britain’s FTSE 100 dipped 0.1% to 10,484.53.
The futures for the S&P 500 and Dow Jones Industrial Average slipped 0.3%.
The U.S. dollar rose to 162.65 Japanese yen from 162.55 yen, hitting a 40-year high as traders remained wary over risks of an intervention in the market by Tokyo.
The euro cost $1.1403, down from $1.1426.
Japan’s benchmark Nikkei 225 added 0.6% to finish at 70,474.96. Australia’s S&P/ASX 200 lost 0.6% to 8,722.90. South Korea’s Kospi dropped 2.0% to 8,303.41. The Shanghai Composite edged up 0.4% to 4,112.45. Trading was closed in Hong Kong.
Crude oil prices drifted as two U.S. envoys arrived in Qatar for talks with mediators about the implementation of the deal with Iran. The Americans will not be having direct negotiations with Iranian diplomats while in Doha.
“While oil markets are currently priced for a gradual return to supply normalization, traffic through the Strait of Hormuz has yet to recover to pre-war levels,” said Tim Waterer, chief market analyst at KCM Trade.
Benchmark U.S. crude lost 70 cents to $68.80 a barrel. Brent crude, the international standard, fell 63 cents to $72.32 a barrel.
On Tuesday, the S&P 500 gained 0.8%, though it still recorded its first losing month following two fabulous ones. The Dow added 0.3%, to its record, and the Nasdaq composite climbed 1.5%.
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Yuri Kageyama is on Threads: https://www.threads.com/yurikageyama
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