Stocks Slide as Treasury Yields Hit 2002 Highs, Oil Rebounds on Iran Fears
IXIC sits 33% above its 52-week low of $20,690.249 on light trading volume (0.4× avg).
Summary
U.S. stocks are firmly lower midday Wednesday, with the Nasdaq down 0.9% to 27,359.54 after four straight record closes. The pullback is driven by a rebound in the 10-year Treasury yield to 5.311%, its highest since 2002, and a bounce in crude oil on renewed Iran tanker attack fears. Traders are also positioning ahead of the Fed minutes due this afternoon, with FedWatch showing an 80.6% probability of no rate hike later this month. Sector weakness is broad, led by gold, brokerage, and housing stocks, while pharma and healthcare are bucking the trend. This follows the September jobs miss and the Fed's quarter-point hike in mid-September, adding to a volatile macro backdrop.
At the time of this announcement, IXIC was trading at $27,419.63 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,722.75. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: dpa-AFX.