Posted 4/3/2024, 12:02:00 AM
Stocks Sink as Treasury Yields Climb; Investors Worry Fed to Remain Hawkish
- Stocks dropped on Tuesday, with the Dow falling 395 points, the S&P 500 down 0.7%, and the Nasdaq off 1%.
- The 10-year Treasury yield hit its highest level of 2024 so far earlier on Tuesday.
- The selloff is similar to early 2023, but investors are less optimistic now about rate cuts in 2024.
- Fed Chair Jerome Powell speaking Wednesday follows hawkish comments from other Fed presidents.
- Cruise stocks, which had big gains in 2023, were some of the biggest S&P 500 decliners Tuesday.