S&P 500 falls as yields rise and investors look ahead to 2023 – CNBC
Treasury yields climb
Bonds yields climbed Tuesday, putting pressure on growth stocks like technology.
The yield on the 10-year Treasury note was last up by 11 basis points at 3.854%. The 2-year Treasury yield rose 8 basis points to last trade at 4.402%.
Yields and prices have an inverted relationship. One basis point is equivalent to 0.01%.
The tech-heavy Nasdaq Composite, which is more susceptible to moves in rates, last traded 1.2% lower.
— Samantha Subin
Stocks making the biggest moves midday
These are some of the stocks making the biggest mid-day moves:
- Southwest — Shares dropped more than 4% after the company canceled 70% of its scheduled flights and warned that mass disruptions would continue “for the next several days.”
- Las Vegas Sands, Wynn Resorts — The casino stocks rose 3.8% and 5%, respectively, following China’s announcement that it will end quarantine for international travelers starting Jan. 8.
- Nio — Shares slid 9.8% after the electric-vehicle maker lowered its fourth-quarter delivery outlook, citing supply chain disruptions in China.
See the full list here.
— Alex Harring
Wynn Resorts and Las Vegas Sands lead the S&P 500
Oil hits three-week high as investors cheer China’s quarantine changes
Oil prices reached a three-week high as investors hedged hopes of demand recovering on the latest news of China’s Covid restrictions easing.
Brent crude gained $1.55, or 1.9%, to $85.47 a barrel. …….
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