Stock market today: Wall Street wilts to trim its May gains as bond yields keep rising
U.S. stocks closed lower under the weight of higher yields in the bond market
NEW YORK — U.S. stocks closed lower under the weight of higher yields in the bond market. The S&P 500 fell 0.7% Wednesday, sinking further from its record set last week. The Dow Jones Industrial Average lost 1.1% and the Nasdaq composite fell 0.6% after setting its latest all-time high. American Airlines Group led a slump for airlines after cutting its forecast for profit and other financial targets for the spring. Another climb for yields in the bond market also weighed on the stock market broadly following an auction of $44 billion in Treasurys. The yield on the 10-year Treasury rose to 4.61%.
THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.
U.S. stocks are sinking under the weight of higher yields in the bond market on Wednesday.
The S&P 500 was 0.6% lower in afternoon trading and falling further from its record set last week. It's trimming its gains for May, which had been on track to be its best month in six, and nearly 90% of the stocks in the index are falling.
The Dow Jones Industrial Average was down 391 points or 1%, as of 2:45 p.m. Eastern time, and the Nasdaq composite was 0.4% lower a day after setting its latest all-time high.
American Airlines Group led a slump for airline stocks after it cut its forecast for profit and other financial targets for the spring. It said fuel costs may be a bit lower than previously thought, but an important revenue trend would likely be as well. It also said its chief commercial officer, Vasu Raja, is leaving the company. It lost 14.7%.
ConocoPhillips fell 3.9% after it said it would buy Marathon Oil in an all-stock deal valuing the company at $22.5 billion, including $5.4 billion
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