Rising Treasury Yields Weigh on Wall Street

The 10-year Treasury yield jumped above 4.6% today

Deputy Editor
May 29, 2024 at 4:27 PM
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Stocks fell across the board Wednesday, weighed down by a red-hot 10-year Treasury note that finished above 4.6% at four-week highs. Wall Street also unpacked the Fed's Beige Book, which showed the U.S. economy experienced uneven growth over the last six weeks while higher prices scared off consumers. The Dow fell 411 points while the Nasdaq turned in its worst single-session digit drop since April 30.

Continue reading for more on today's market, including:

  • Can Dell stock keep up its run of record highs?
  • 2 airline stocks made different moves after bear notes.
  • Plus, Chewy's earnings; two retail stocks in focus; and a major oil merger to monitor.

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5 Things to Know Today

  1. Everything in the Fed's Beige Book. (MarketWatch)
  2. Israel predicts seven more months of war. (Reuters)
  3. Online pet supply retailer's earnings and stock split.
  4. 2 retail stocks that soared after earnings.
  5. Behind this billion-dollar oil merger.

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Oil Prices Fall Alongside Gasoline 

Gasoline prices dragged down oil futures today, while traders awaited a June 2 meeting of the Organization of the Petroleum Exporting Companies and its allies (OPEC+). July-dated West Texas Intermediate (WTI) crude shed 49 cents, or 0.6%, at $79.34 a barrel for the session.

Gold prices fell on a stronger greenback and higher Treasury yields. For the session, June-dated gold fell 0.7% at $2,361.50 per ounce. 

 

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