Manage episode 374553070 series 2991632
US equities close in the red overnight for the third straight day as a global bond market selloff intensified and tamped down enthusiasm for tech stocks. Dow ended near worst levels, down 291 points (-0.84%). Dow at best up 123 points. Dow at worst down 325 points. S&P 500 and Nasdaq fell 0.77% and 1.17%, respectively, booking losses for the third consecutive session amid renewed concerns about interest rates remaining higher for longer. US 10Y yields reached their highest levels in nearly 16 years, pressuring rate-sensitive tech sector Meta -3.1%, Microsoft -1.1% and Apple -1.5%. Weighing heavily on the S&P 500, Healthcare stocks took a hit, with CVS Health tumbling 8% as Blue Shield of California revealed plans to reduce reliance on CVS as its pharmacy benefit manager, opting to collaborate with others, including Amazon. This news led to a 1.9% dip in UnitedHealth and a 6.4% fall in Cigna. Wall Street’s fear gauge VIX jumped 6.6%. Higher oil prices lifted energy stock, with Exxon Mobil gaining 1.9% and Chevron up 1.7%
- ASX to slip. SPI Futures down 28 points (-0.39%).