Advertisment
Stocks fell sharply on Wednesday, with the Dow Jones Industrial Average on pace for its worst day in over a month, as higher Treasury yields weighed on market sentiment.
The 30-stock index plummeted 409.94 points to conclude Wednesday at 42,514.95
The S&P 500 fell 53.78 points to 5,797.42.
The NASDAQ stumbled 296.48 points, or 1.6%, to 18,276.65.
Dow member McDonald’s fell more than 4% on Tuesday after the U.S. Centers for Disease Control and Prevention said an E. coli outbreak tied to the fast-food giant’s Quarter Pounder burgers has resulted in 10 hospitalizations and one death. McDonald’s accounted for more than 100 points of the decline in the Dow.
Megacap stocks were under pressure Wednesday, with Apple and Nvidia shares losing 3% to lead the way lower. Apple was headed for its worst day since Aug. 5 — when it shed 4.8%. Meta, Netflix and Amazon were also down more than 2%.
Prices for the 10-year Treasury lost ground, raising yields to 4.24% from Tuesday’s 4.20%. Treasury prices and yields move in opposite directions.
Oil prices sank 72 cents to $71.02 U.S. a barrel.
Prices for gold fumbled $30.20 an ounce to $2.729.60 U.S.
