US equities tumble as yields soar

The US stocks stocks fell as inflation concerns boosted bond yields and crude oil prices saw a renewed surge. Treasury selloff after weak sale of five-year notes and the 10 year bond yields soared well above 5% mark. Market was cautious ahead of a summit between President Donald Trump and his Chinese counterpart Xi Jinping in Washington. On economic front, S&P Global said that its flash US Composite PMI Output Index, which tracks the manufacturing and services sectors, increased to 58.4 this month, hitting highest level since July 2021. This rather boosted sentiment towards further rate hikes and stocks slid as a result. The Dow Jones fell 0.68% and the S&P 500 dipped 0.75%. The Nasdaq Composite lost 1.13% after hitting a record high on Tuesday.

Powered by Capital Market - Live News