(MENAFN- Baystreet) Dow Crawls as Bonds Hit Heights
Stocks fell Tuesday as traders kept an eye on rising Treasury yields, which hit a 16-year high.
The Dow Jones Industrials descended 167.45 points to start Tuesday at 33,265.90.
The S&P 500 index sagged 31.89 points to 4,256.48.
The NASDAQ index waned 134.16 points, or 1%, to 13,173.61.
Stocks moved to their lows of the session as yields spiked further following the release of the August job openings survey, which signaled a still tight jobs market. The survey showed 9.6 million open roles in the month. Meanwhile, economists polled by Dow Jones had anticipated 8.8 million jobs.
Seasoning and spice manufacturer McCormick & Company led the broad market index's losses on Tuesday, falling nearly 10% after announcing its quarterly earnings. Kellogg declined by 8%, followed by Veralto's 4.1% loss and Airbnb's decline of 3.4%.
Investors are hoping to turn the page on a disappointing September for stocks. All three major indexes closed the month and the third quarter lower. The S&P 500 alone lost nearly 5% in September.
That means key economic reports - such as last month's payroll reports, due Friday - and the kickoff of earnings reporting season next week are back in focus.
Prices for the 10-year Treasury swooned, raising yields to 4.73% from Monday's 4.69%. Treasury prices and yields move in opposite directions.
Oil prices regained 37 cents to $89.19 U.S. a barrel.
Gold prices faded $9.60 to $1,837.60.
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