Stocks Sink as Oil, Yields Surge; Tesla Misses Targets
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Stocks closed lower, with the Dow down 1%, as oil and bond yields hit multi-year highs. The 10-year Treasury yield topped 4.35%, worrying investors.
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Health insurers sank after Medicare Advantage payments were less than expected. Humana shares plunged over 13% on its high exposure.
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Job openings were steady in February as hiring ticked up slightly. The quits rate held at 2.2% for the 4th straight month.
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Tesla shares slid 7% premarket after the company widely missed Q1 delivery estimates, its first annual decline since 2020.
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Cleveland Fed President Mester still expects 3 rate cuts this year as the inflation picture "hasn't changed much," though she needs more data.