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A broad stock market slide followed a snap-back in yields. So much for that bond market rebound. The Dow Jones Industrial Average sank 698 points, or 1.3%. The S&P 500 dropped 0.9%. The Nasdaq Composite fell 1%.
Treasury yields held earlier overnight declines after the Treasury Department signaled–again–that it has no plans to increase the sizes of note-and-bond auctions for “at least the next several quarters.” The Treasury’s guidance, made as part of its quarterly refunding announcement, was the same that it has made for the past 11 quarters dating back to the start of 2024.
Stocks are hitting records as earnings surge. Meanwhile, bonds are competing harder for investor cash.
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