Rising bond yields pressured the Nasdaq substantially lower
The market is continuing to pull back from its extended rally, as all three major indexes turned in their third-straight daily losses on the heels of Federal Reserve Chairman Jerome Powell's hawkish commentary. The testimony sent Treasury yields higher, while the Dow and Nasdaq finished the day with a triple-digit drops, and the S&P 500 moved modestly lower.
Continue reading for more on today's market, including:
- Don't sweat this retail stock's latest pullback.
- This energy stock could be due for a bounce.
- Plus, FedEx's earnings report; EV stock's rally; and bulls' favorite streaming stock.
5 Things to Know Today
- The Federal Trade Commission (FTC) today sued Amazon.com (AMZN) on concerns of "deceptive" Amazon Prime sign-up and cancellation practices. (CNBC)
- First Citizens Bancshares raked in a $9.5 billion profit after acquiring Silicon Valley Bank. (MarketWatch)
- Unpacking FedEx's quarterly results.
- Is this EV stock's rally over?
- Streaming stock attracted bulls.
Oil Rises on U.S. Monetary Policy Fears
Crude futures moved higher Tuesday amid monetary policy tightening fears. July-dated crude lost $1.34, or 1.9%, to close at $72.53 per barrel on the day.
August-dated gold lost $2.80, or 0.1%, to close at $1,944.90 an ounce, after the central bank's latest commentary weighed on bullion's appeal.