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

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

Wall Street dropped sharply on Tuesday as warnings by bellwether companies of higher costs reverberated as the benchmark United States 10-year Treasury yield pierced the 3$ level for the first time in four years. Eastern time. The Dow Jones industrial average lost 137 points, or 0.6 percent, to 23,886.

The S&P 500 index skidded 35.73 points, or 1.3 percent, to 2,634.56.

The fall in the Nasdaq composite index was 1.7% to 7007.35 points, with shares of Facebook, Amazon, Alphabet and Netflix falling by more than 3.5%.

USA stocks tumbled Tuesday after a warning from executives of the industrial giant Caterpillar scared investors and the 10-year Treasury yield climbed to 3 percent for the first time since 2014.

BONDS: Investors may have also been anxious about rising interest rates, as they tend to slow down economic growth by making it more expensive for people and companies to borrow money.

INDUSTRIAL WEAKNESS: Caterpillar executives told analysts on a conference call in the late morning that they don't expect the company to report a larger per-share profit for the rest of the year.

Goodyear Tire & Rubber fell 4.9 percent after warning of higher expenses for raw materials. The yield on the 10-year is one of the most closely followed financial measures in the world, as mortgages and corporate loans are closely tied to the government bonds. Chemical companies and other materials makers could also see their profits affected as oil prices and other expenses rise.

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Wall Street had cheered Caterpillar's results earlier in the day after the company had a strong first quarter and raised its forecasts for the year.

The Dow is down 695.09 points, or 2.8 percent.

"It's not a mystery why these things are happening", Baumohl said. It shed 1.4 percent to $67.70 a barrel in NY the previous day.

The yield on 10-year U.S. Treasury notes, the benchmark for global interest rates, held above 3 percent after crossing the level for the first time in four years on Tuesday, stoking concerns about higher borrowing rates for companies. South Korea's Kospi lost 0.9 percent to 2,442.06. The stock market had already been spooked by a climb in bond yields earlier in the year, sliding sharply in February. Exxon Mobil rose 1.5 percent after raising its dividend.

Declining issues outnumbered advancing ones on the NYSE by a 1.94-to-1 ratio; on Nasdaq, a 1.71-to-1 ratio favored decliners.

OVERSEAS: France's CAC 40 was down 0.9 percent while Germany's DAX fell 1.6 percent.

Japan's benchmark Nikkei 225 slipped 0.3 percent to 22,206.51 and Hong Kong's Hang Seng lost 0.8 percent to 30,378.89.

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