Stocks Plunge after Yields Reach 5.25%
Bond yields surpassed 5.25% in today’s session causing a selloff in stocks.
Higher rates make mortgages more expensive and could slow corporate deal-making.
The S&P 500 Index led to the downside today with a loss of 1.1%. Comverse
Technology and Dean Foods led the index lower with losses of 5.5% and 4.3%
respectively.
July crude futures fell 0.7% to $65.36 per barrel. Gold futures for August delivery fell 0.9% to $653.10 an ounce, which marks a new 12-week low.
Around Europe, Germany’s DAX Index fell 0.4% to finish at 7,678.26, France’s
CAC 40 Index lost 0.7% to 5,898.16, and Britain’s FTSE 100 Index fell 0.7% to
6,520.40.
Today’s PowerRatings Heat Map is looking fairly mixed with no sectors showing overwhelming strength or weakness. Click here to view all 33 Heat Map sectors.  Â
Click here to see our new list of indicators that includes Gaps Down 5% or More, 2-Period RSI Below 2, Stocks Up 10% or More. Historically proven edges make these a great place to start making a watch list.Â
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Darren Wong
Associate Editor