Dow Drops 300 Points as Wall Street’s Rally to Record Highs Takes a Breather
U.S. stocks fell on Monday after a strong week for the major averages, as investors awaited the release of major corporate earnings reports.
The S&P 500 slipped 0.4%, while the Dow Jones Industrial Average lost 312 points, or 0.7%. The Nasdaq Composite shed about 0.1%.
Consumer and homebuilder stocks were among the biggest losers during midday trading as fears about higher-for-longer interest rates crept up, with Target and Builders FirstSource each down more than 3%.
The yield on the 10-year Treasury jumped, rising more than 9 basis points to 4.172%.
Source : CNBC