Stocks Drop as Strong Economic Data Damps Hopes for Near-Term Fed Rate Cuts

• Stocks and bonds dropped globally as economic data spurred speculation central banks will maintain higher rates.

• Treasury yields hit 2024 highs, putting pressure on equities, as job openings and factory orders data beat expectations.

• The economic strength signals triggered a pullback in expectations for the Fed's first rate cut.

• Despite the slide, the S&P 500 has still avoided any major pullbacks in 2024 at a historic pace.

• Tesla suffered its first year-over-year sales drop since the early days of the pandemic, missing estimates by a wide margin.