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S&P 500 Falls as 10-Year Treasury Yield Briefly Tops 3% for First Time Since 2018

Stock Markets May 02, 2022 03:22PM ET
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© Reuters

By Yasin Ebrahim

Investing.com – The S&P 500 fell Monday, as wild swings continued in technology stocks amid an ongoing rise in Treasury yields ahead of a widely expected Federal Reserve interest rate hike later this week.

The S&P 500 fell 0.4%, the Dow Jones Industrial Average slipped 0.54%, or 177 points, the Nasdaq rose 0.39%.

Fresh from a brutal selloff in April, tech stocks continued to trade wildly, swinging between positive and negative after the 10-year Treasury yield briefly breached 3% for first time since 2008 on bets of steeper Fed rate hikes ahead.

“We see the FOMC on course to deliver its second rate hike of the cycle – a 50bp hike – at its May meeting, while also announcing its plan to begin reducing the size of its balance sheet starting in June,” Morgan Stanley said in a note.

Gains from Microsoft (NASDAQ:MSFT), Alphabet (NASDAQ:GOOGL) and Meta (NASDAQ:FB) helped offset a decline in Amazon.com  (NASDAQ:AMZN) and Apple (NASDAQ:AAPL).

Communication services held above flatline, underpinned by gains in the Warner Bros Discovery (NASDAQ:WBD), Paramount (NASDAQ:PARA), and Activision Blizzard Inc (NASDAQ:ATVI). 

Activision Blizzard (NASDAQ:ATVI) was up more than 3% after famed-investor Warren Buffett said that Berkshire Hathaway (NYSE:BRKa) now owned a 9.5% stake in the video game giant.

Quarterly results from corporates, meanwhile, did little to support investor sentiment on stocks.   

 
Global Payments (NYSE:GPN) fell more than 9% despite reporting a beat on both the top and bottom lines and full-year guidance that met Wall Street expectations.
 
Moodys (NYSE:MCO) fell down 5%, after credit ratings company trimmed its full-year earnings guidance on jitters that market volatility is set to continue. 
 
On the economic front, U.S. manufacturing activity in April slowed to its lowest reading since September 2020, pressured by further supply chain woes following recent lockdowns in China.

“Supplier delivery times are lengthening again, probably in response to China lockdowns,” Jefferies said in a note.

S&P 500 Falls as 10-Year Treasury Yield Briefly Tops 3% for First Time Since 2018
 

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Comments (7)
Zhikang Sim
Zhikang Sim May 02, 2022 3:49PM ET
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and now how?
Chad Richer Than You
Chad Richer Than You May 02, 2022 3:46PM ET
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As dip buyers stage a rebound in tech
Mitchel Pioneer
Mitchel Pioneer May 02, 2022 3:06PM ET
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Time for the "late trade" FRAUD in the biggest investment JOKE in the world.  Predictable enough for ya?
Ronald Warren
Ronald Warren May 02, 2022 3:06PM ET
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As you call them Mitchel. The "Saavy" late trade investors.
Steffen vdm
Steffen vdm May 02, 2022 3:06PM ET
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3 PM... on the dot! But it is all a coincidence
William Smith
William Smith May 02, 2022 2:33PM ET
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Just paid $5.59 in Northwestern Nebraska for a gallon of diesel. Not sure America can survive the Biden regime.
Red Maple
Red Maple May 02, 2022 2:33PM ET
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Diesel is cheap if protesting truckers can drive aimlessly in circles around Washington DC.
Ronald Warren
Ronald Warren May 02, 2022 2:33PM ET
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It's going for$5.99 in Northwest Florida. Insanity!!!
Steffen vdm
Steffen vdm May 02, 2022 2:33PM ET
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what's the problem? $8.25 in Germany.
Ilari Pietikäinen
Ilari Pietikäinen May 02, 2022 2:33PM ET
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Steffen vdm $8.75 in Finland
Nick Johnson
Nick Johnson May 02, 2022 2:12PM ET
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Biden and the fed have killed the market
William Smith
William Smith May 02, 2022 2:12PM ET
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The Biden Administration has pretty much destroyed everything it's touched.
Casador Del Oso
Casador Del Oso May 02, 2022 1:41PM ET
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2700-2900 before it's over. it could take 2 years to hit bottom.
Anan Khan
Anan Khan May 02, 2022 1:37PM ET
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