US stocks fall as bond yields reach new highs
The article explains that U.S. stocks closed lower, amid bond yields rising to their highest levels in twenty years, with the 30-year Treasury bond yield reaching 5.62%, the highest since June 2002, and the 10-year yield reaching 5.29%, the highest since June 2007. This came ahead of important data on inflation and the labor market, with hints from Federal Reserve officials that interest rate hikes may continue. The market also saw a decline in expectations of rate hikes, down to 51.5% following Fed officials' comments, while consumer confidence weakened and job openings dropped, partly due to rising oil prices and their impact on inflation. These factors put pressure on stocks, with the S&P 500 registering a slight decline, as the persistent high yields increase borrowing costs and make bonds a more attractive alternative for investors.
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