Published: Wed, May 16, 2018
Economy | By Shawn Conner

Major US stock indexes head lower as bond yields spike

Major US stock indexes head lower as bond yields spike

US stocks opened lower on Tuesday, with major indexes on track to end a lengthy streak of gains as bond yields jumped to a multiyear high.

BONDS: The yield on the 10-year Treasury rose to 3.07 percent from 3 percent late Monday. In other words, you can earn higher income on risk-free short-term money than you can on stocks. Homebuilders fell sharply as a result.

Some banks got a boost from the higher rates, which make loans more profitable.

MGM Resorts rose 1.6 percent.

Nokia X6 specs and price spotted on Chinese retailer's website
According to the Geekbench listing of the Nokia X6 , the upcoming smartphone will run on the Qualcomm Snapdragon 636 chipset. The Nokia X6 is expected to come with a 5.8 inch display with Full HD+ (2280 x 1080) resolution and 19:9 aspect ratio.

The S&P 500 declined 0.7 percent to 2,711.45 as health care and real estate stocks lagged. The Dow Jones Small-Cap Growth TSM Index closed at 9,941.29 for a loss of -8.02 points or -0.08%. The Nasdaq fell 59 points, or 0.8 percent, to 7,351. The Russell 2000 index of smaller-company stocks finished flat at 1,600.34.

Technology and health care sector companies took some of the worst losses. The Commerce Department said retail sales rose 0.30% in April, in-line with economist expectations, and revised March growth to 0.8% from 0.6%. The blue-chip average is coming off an eight-day rally.

Retail sales reported a monthly increase of 0.3%. At 3.08% earlier today, it was the highest yield since July 2011.

Among the technology stocks pressuring the overall market, Alphabet Inc., the parent company of Google, fell 2%, while Facebook Inc. lost 1.2%.

Muqtada al-Sadr Alliance Wins Elections in Iraq
By the end of the announcement, al-Sadr's list had the highest popular vote, followed by al-Amiri's. The government should be formed within 90 days of the official results.

US stocks dropped sharply on Tuesday after Home Depot reported quarterly sales that fell short of Wall Street's expectations and interest rates breached new highs.

The yield on the 10-year Treasury note-the most important single figure in the financial world-charged through the 3% threshold without blinking Tuesday morning, rising a full 0.07 percentage point to a four-year high of 3.06%. Mortgage rates, which have been rising this year, tend to track the movement in the 10-year Treasury yield.

Stocks fell on Tuesday, with the Dow Jones industrial average closing in the red for the first time in eight sessions, as bond yields spiked to multi-year highs on the back of strong economic data and the United States entered another round of trade talks with China. The Nasdaq composite fell 75 points, or 1 percent, to 7,335.

Manu Samoa to play Portugal or Germany for Rugby World Cup qualification
The unions of Spain, Belgium and Romania have a 14-day window in which to appeal against the panel's decision. Faka'osilea played 13 internationals for his adopted nation Romania since his debut past year .

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