U.S. stocks tumble as Treasury yields surge after jobs, services-sector data
U.S. stocks finished lower on Tuesday as Treasury yields...
U.S. stocks finished lower on Tuesday as Treasury yields spiked after a pair of strong economic reports dampened hopes for aggressive Federal Reserve interest-rate cuts this year.
The Nasdaq Composite tumbled 375.30 points, or 1.9%, to end at 19,489.68. The tech-heavy index suffered its worst day since Dec. 18, according to Dow Jones Market Data.
The S&P 500 was off 66.35 points, or 1.1%, to finish at 5,909.03.
The Dow Jones Industrial Average fell 178.20 points, or 0.4%, ending at 42,528.36. It was the worst day for the blue-chip index since Dec. 30, according to Dow Jones Market Data.
A sharp selloff in the government-debt market weighed on U.S. technology stocks on Tuesday after the December ISM services and November job-openings reports beat consensus, leading markets to dial back their expectations for rate cuts this year.
The yield on the 10-year Treasury note jumped nearly 7 basis points to 4.684% on Tuesday afternoon, the highest since April 25 of last year. The 30-year rate spiked over 7 basis points to 4.91%, the highest since November 2023, according to Dow Jones Market Data.
"I think there's a level at which rates rise enough that investors begin to worry that it hurts the entirety of the equity market because it hurts the economy more," said Brent Schutte, chief investment officer at Northwestern Mutual Wealth Management Company.
Severe winter storms across the US this week are expected to strain natural gas supplies and drive demand to its seasonal peak, raising concerns about potential power outages and price spikes, analysts and reliability coordinators warned. Widespread well and pipeline freeze-offs could disrupt gas production, particularly in the Appalachia and Rockies regions.
Phillips 66 Buys EPIC's Permian NGL Midstream Assets for $2.2B
Phillips 66 (PSX) has entered into a definitive agreement to buy EPIC...
Phillips 66 (PSX) has entered into a definitive agreement to buy EPIC Y-Grade GP LLC and EPIC Y-Grade LP, which own various subsidiaries and long haul NGL pipelines, fractionation facilities and distribution systems, for $2.2 billion cash.
Phillips 66 said EPIC’s NGL business consists of two 170,000 bbl/d fractionators near Corpus Christi, Texas, approximately 350 miles of purity distribution pipelines. Phillips 66 is also buying EPIC’s 885-mile NGL pipeline. The line, with 175,000 bbl/d capacity, links production supplies in the Delaware and Midland basins and the Eagle Ford Shale to fractionation complexes and the Phillips 66 Sweeny Hub.
Snow fell across the Midwest and Mid-Atlantic yesterday, and came down...
Snow fell across the Midwest and Mid-Atlantic yesterday, and came down heavily on DC, making it hard for drivers and planes to get where they were going. Drivers were stranded on highways, and at least four people died in car accidents. Meanwhile, nearly 2,000 flights were cancelled as the storm raged on. More than 330,000 people were also left without power yesterday. The intense winter weather is expected to continue as a polar vortex rolls through.
Congress certified Trump’s election win. In what was...
Congress certified Trump’s election win. In what was probably an awkward day at the office for VP Kamala Harris, the former presidential candidate presided over Congress’s certification of her opponent Donald Trump’s win yesterday. The certification, which used to be a pretty staid part of the march toward Inauguration Day, was held under elevated national security levels this year in light of the riots that disrupted the certification of Joe Biden’s win on Jan. 6, 2021. Trump has vowed to pardon the rioters who stormed the Capitol—something Senate Majority Leader Chuck Schumer (D-NY) criticized before the certification.
The US reported its first confirmed human death from bird flu. The deceased was over age 65 with underlying medical conditions.
President Biden signed the Social Security Fairness Act, a bipartisan law that boosts benefits for millions of public sector workers.
Meta added UFC CEO Dana White and two other new members to its board of directors.
The Consumer Financial Protection Bureau accused a unit of Warren Buffett’s Berkshire Hathaway of ignoring signs that borrowers couldn’t afford the mortgages they needed to buy homes from a different Berkshire unit.
The Federal Reserve’s top banking regulator will step down from the role following speculation that President-elect Donald Trump wanted to replace him.
A former hairdresser for Fox Sports claims in a new lawsuit that Skip Bayless harassed her, including allegedly offering her $1.5 million for sex.
