U.S. stocks plunged on Wednesday as a surge in Treasury yields and fresh fiscal concerns weighed on investor sentiment. The S&P 500 and Nasdaq fell 1.6% and 1.3%, respectively, while the Dow Jones Industrial Average dropped 817 points.
Long-term bond yields jumped after a weak auction of $16 billion in 20-year Treasury notes, with the 30-year yield jumping to around 5.08%, its highest since 2023 amid growing concerns that a tax and spending bill in Washington could further widen the federal deficit.
Retail earnings added to the jitters: Target (-5.2%) missed estimates, cut its outlook and flagged weaker consumer demand amid tariffs, while Lowe's (-3%) and TJX (-2.9%) offered little reassurance. UnitedHealth fell 5.7% on a report that it was paying nursing homes to reduce hospital transfers. On the other hand, Alphabet rose 3% on new AI investments. Investors are also watching the weakening US dollar and the possible implications of the ongoing G-7 summit, which adds uncertainty to the outlook. (alg)
Source: Trading Economics
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