Stock Market Today: Dow closes lower as rising yields keep stocks in quagmire
Investing.com — The Dow closed lower Wednesday as rising Treasury yields continued to put the squeeze on stocks, though tech cut some losses to provide a semblance on optimism.
The Dow Jones Industrial Average fell 0.2%, 68 points, Nasdaq gained 0.2%, and the S&P 500 rose 0.1%.
Treasury yields continue to hold sway on market direction after the 10-Year Treasury yield swelled to 4.63%, marking fresh 15-high year high.
The dash higher in yields come amid fresh concerns the Federal Reserve may be forced to hike interest rates again later this year as signs of a resilient economy threaten to keep inflation elevated.
The Commerce Department said on Wednesday core durable goods orders rose 0.5% last month, well above expectations for a 0.1% rise. Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, rose 0.9 % last month, compared with expectations to remain steady at 0%
Apple (NASDAQ:AAPL) cut some losses to close 0.9%, as big tech attempted a comeback that was ultimately curbed by rising rates.
Alphabet (NASDAQ:GOOGL), however, remained above the flatline to close more than 1% higher. Meta Platforms Inc (NASDAQ:META) closed less than 1% lower after unveiling its third Quest 3 virtual reality headset.
The VR device starts at $499 and is expected to hit the shelves on Oct. 10
Cannabis stocks were caught up in the broader market slide and gave up intraday gains despite optimism that cannabis-related companies are inching closer to securing the right to access banking system services.
The U.S. Senate Banking Committee voted to advance the Secure and Fair — Enforcement Regulation Banking Act, or the SAFER Banking Act, which seeks to ensure that all legal cannabis have
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