The S&P 500 Index ($SPX) (SPY) Wednesday closed down -0.74%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -1.06%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.70%.
US stock indexes Wednesday settled moderately lower, with the Dow Jones Industrials falling to a 3-1/2 week low. Stocks retreated on rising bond yields and concern that the Fed will keep interest rates higher for longer. The 10-year T-note yield rose to a 4-week high Wednesday on the heels of Tuesday’s unexpected increase in US May consumer confidence and weak demand for the Treasury’s 2-year and 5-year T-note auctions. Stock indexes fell to their lows Wednesday afternoon after T-note yields rose even higher on weak demand for the Treasury’s $44 billion auction of 7-year T-notes.
