US Markets
Stocks slip as Treasury yields keep climbing
The major U.S. averages finish lower while volatility rises and rate pressure stays front and center.
U.S. stocks close lower across the board. The S&P 500 falls 0.4% to 7,675.9199, the Nasdaq Comp. drops 0.7% to 26,749.2969, the Dow Jones slips 0.5% to 51,245.7383, and the Russell 2000 loses 0.4% to 2,826.4006.
The rate backdrop stays heavy. The 10-year Treasury yield rises 0.22% to 5.125% and the 30-year climbs 0.35% to 5.42%. CNBC Markets says the 30-year hits its highest level since 2004 as the bond rout continues.
Volatility moves the other way. The VIX climbs 3.4% to 15.69, while the VIX 9-day rises 4.2% to 14.01. On the options tape, SPY shows a put-call ratio of 0.88 and QQQ posts 0.93, with call volume still ahead in both.
Sector action is mixed but tilted lower. Energy gains 1.4% and Health rises 1.0%, while Tech falls 1.2%, Materials drops 0.8%, and Industrials loses 0.8%. The S&P 500 still sits above its 200-day moving average, and the index’s RSI14 reads 50.7.