Stocks get whacked after the 10-year hits 3%

Oscar PerryApr 26, 2018

The Nasdaq fell 1.7 percent on the day, while the S&P 500 sunk 1.34 percent.

Construction equipment manufacturer Caterpillar, a barometer for the state of the economy and the stock market, saw a stock increase after reporting earnings and revenue that surpassed market expectations.

USA stocks took steep losses Tuesday despite solid corporate earnings reports as rising interest rates spurred uncertainty among investors.

"Jeremy Klein, chief market strategist at FBN Securities, however said", I am not anxious about corporate earnings".

The S&P 500 is now down 1.5 per cent year-to-date. When investors sell debt, prices fall and yields rise.

The Dow Jones industrial average shed as many as 620 points in mid-morning amid fears of steeper borrowing costs in America, which could force up the cost of mortgages, vehicle loans and other debt in Britain.

The CBOE Volatility index, a gauge of short-term stock market volatility, jumped to a more than 1-week high of 18.72 points.

Vice President Venkaiah Naidu rejects Opposition's impeachment motion against CJI Dipak Misra
They added that the tradition in India is that from the time a motion is moved, the judge must recuse himself from judicial work. Justice RS Sodhi, who was a judge in the Delhi High Court, also criticised the Opposition's attempt to impeach Misra.

Comcast rose 3.7 percent after the USA cable company topped Wall Street's profit estimates and offered $30.7 billion in a bid for Sky.

The largest decliner was PrairieSky Royal Ltd, down 7.5 per cent, after it reported first-quarter results after the bell on Monday.

Higher bond yields could also prompt portfolio managers to weigh moving money into more attractive fixed-income securities at the expense of equities.

Tuesday's losses reflect a growing belief among investors that the forces behind last year's rampant stock gains would continue to fade.

Northrop Grumman Corp.(NOC) shares fell 2.6% even as the aerospace and defense contractor released forecast-beating earnings (http://www.marketwatch.com/story/northrop-grumman-beats-profit-and-sales-expectations-raises-outlook-2018-04-25). This is partly due to the company's president Brad Halverson's statement, according to which the company's forecasts are that the first quarter will be the culmination of the year. The stock market had already been spooked by a climb in bond yields earlier in the year, sliding sharply in February. The Nasdaq composite, meanwhile, slipped 0.1 percent to 7,003.74.

Reuters data shows that analysts are now estimating 21.1 percent profit growth in the first quarter among the S&P 500 companies, compared with 18.6 percent growth rate at the start of the earnings season.

Volume on USA exchanges was 7.22 billion shares, compared to the 6.80 billion average for the full session over the last 20 trading days.

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