Stocks sink as 10-year Treasury crosses 4.5%: Live Updates
U.S. stocks saw a broad selloff Wednesday afternoon after the yield on the 10-year Treasury crossed above 4.5% rattling investors. The benchmark is a barometer for everything from mortgages to personal loans and now signaling higher borrowing costs. FOX Business is providing real-time updates on the markets, commodities and all the most active stocks on the move.
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Stocks fell sharply on Tuesday as Treasury yields spiked driven by uncertainty surrounding President Donald Trump's tax cut bill.
The Dow Jones Industrial Average closed down 817 points points or 1.9%, while the S&P 500 and Nasdaq Composite lost 1.6% and 1.4%, respectively.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| I:DJI | $41,860.01 | -,817.23 | -1.91 |
| SP500 | $5,844.56 | -95.90 | -1.61 |
| I:COMP | $18,872.64 | -,270.07 | -1.41 |
| TSLA | $335.36 | -8.46 | -2.46 |
| NVDA | $131.89 | -2.49 | -1.85 |
| PLTR | $121.06 | -4.53 | -3.61 |
| GOOGL | $169.04 | 5.06 | 3.09 |
| IBIT | $61.47 | 0.56 | 0.92 |
Tesla, Nvidia and Palantir paced the declines among the most active stocks, while Google and the iShares Bitcoin Trust ETF bucked the selling. Bitcoin hit a new all-time high trading over the $109,000 level.
The 10-year Treasury yield crossed above 4.5% and is flirting with a three-month high, while the 30-year yield is soaring above 5% to the highest level since October 2023.
Trading Economics
Bitcoin, the largest crypto currency by market value, has hit a fresh high on Wednesday, trading over the $109,000 level.
The upshift comes after Congress approved the GENIUS Act, which lays the framework for stablecoins, advancing President Trump's commitment to the crypto industry.
AI Czar David Sacks told FOX Business President Trump's trip to the Middle East was critical to advance U.S. dominance of AI or else China will get the upper hand.
A new report by Goldman Sachs finds that while House Republicans' tax cut package that's moving through the reconciliation process cuts taxes by more than previously thought, it's still not enough to offset the drag on economic growth created by tariffs.
Goldman Sachs economists led by Jan Hatzius noted in the report published Monday that the proposed tax cuts are larger than anticipated, by about 0.1% to 0.2% of gross domestic product (GDP) over the next few years.
The report said some of the provisions related to tax cuts from 2017 that are due to expire at the end of this year, unless extended, are slightly more generous than expected, while the net business tax cut is slightly smaller with reinstated incentives for investment and expending offset by fewer subsidies for green programs.
"The net individual income tax deductions and business investment incentives in the fiscal package pending in the House should have a positive impact on growth in 2026 and 2027," they wrote. "However, just as the revenue gains from tariff increases will more than offset the net increase in the deficit (compared with the current level) from the House fiscal package, the hit to growth from tariffs will more than offset the boost to growth from the fiscal package."
This is an excerpt from an article by Fox Business’ Eric Revell. To Read more, click here.
| Symbol | Price | Change | %Change |
|---|---|---|---|
| TGT | $94.94 | -3.17 | -3.24 |
A Target logo is seen on shopping carts at a Target store in Manhattan, New York City, U.S., November 22, 2021. REUTERS/Andrew Kelly/File Photo
Target CEO Brian Cornell said on Tuesday that the company has been grappling with a "highly challenging environment" following a quarter of softer-than-expected revenue and ongoing profit pressures.
During the first fiscal quarter, Target reported its first-quarter net sales were $23.8 billion, down 2.8% from the same period a year ago and below Wall Street's projection of $24.32 billion. Adjusted earnings per share was $1.30, which was also below Wall Street's expectation of $1.63.
Sales at stores open for at least a year decreased 3.8% in the first quarter, though Target said it still had healthy digital growth, led by a 36% increase in same-day delivery through its loyalty program, Target Circle 360.
Target is now expecting a low-single digit decline in sales for fiscal 2025. It expects adjusted earnings per share to be approximately $7 to $9 for fiscal 2025, down from its prior expectation of $8.80 to $9.80.
The Minneapolis-based retail behemoth has been trying to drum up traffic and return to growth, but the past three months in particular have been marked by broader industry headwinds, namely President Donald Trump's tariff war, which threatened to raise prices for consumers across multiple sectors.
The GM logo is seen on the facade of the General Motors headquarters in Detroit, Michigan, on March 16, 2021. REUTERS/Rebecca Cook/File Photo//File Photo
General Motors (GM) is halting the export of some U.S. vehicles to China.
The Detroit-based automaker had been doing so through the Durant Guild, a "lifestyle platform" that the Detroit-based automaker created in 2022 to make certain U.S. vehicles available in the country.
Employees and dealers for its China export business received notification about its move to stop shipping vehicles to China from the United States late last week, Reuters reported.
"The Durant Guild is GM’s premium import platform to bring iconic products, which represent less than 0.1% of the volume we sell in China," GM told FOX Business.
The automaker said it has "decided to restructure the Durant Guild and correspondingly optimize GM China’s operations" because of "significant changes to economic conditions."
Goods imported into China from the United States faced tariffs of more than 100% before the two countries agreed to lower the levies for 90 days.
This is an excerpt from an article by Fox Business’ Aislinn Murphy. To read more, click here.
The United Kingdom, alongside the European Union, on Tuesday took direct action against Russia with sweeping sanctions after President Donald Trump’s talk with Russian President Vladimir Putin failed to advance ceasefire negotiations.
Western leaders have warned that Putin is merely buying time by claiming to be open to negotiations, but in actuality refusing to stop not his invasion of Ukraine, but targeted strikes on civilians.
The U.K. unveiled 100 new sanctions targeting "Russian military, energy, financial sectors and those conducting Putin’s information war against Ukraine."
"People in Ukraine and across the world have paid the price for Putin’s aggression and now he must pay the price for avoiding peace," the foreign office said in a statement.
The sanctions, which also increasingly target Russia’s "shadow fleet " that illegally transports Russian oil and the "fleet’s enablers," came just prior to a similar announcement by the EU.
This is an excerpt from an article from Fox Business’ Caitlin McFall. To read more, click here.
As President Trump's tax bill makes its way through Capitol Hill he defended protecting the government health and insurance coverage, shooting down speculation aspects of it will be gutted as a compromise for his "big beautiful bill."
Lawmakers are rushing the bill through in hopes of having a final version done by Memorial Day or at the latest in July.
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