Stocks Retreat as Treasuries Plunge, Dollar Gains: Markets Wrap
- Concerns over trade, growth and geopolitics weigh on sentiment
- American retail sales solid, boosting bets on Fed rate hikes
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U.S. stocks halted a four-day rally with the steepest slide in almost two weeks, while 10-year Treasury yields pushed to levels last seen in 2011 as investors weigh the prospect for higher Federal Reserve rates.
The S&P 500 Index slumped as health-care and tech shares retreated. The Treasury selloff sent note yields to 3.07 percent. Higher rates sap demand for equities that have been on a tear for two weeks. Upbeat retail sales data fueled bets the Fed may raise rates three more times this year, pushing Bloomberg’s dollar index to its 2018 high. Emerging-market equities dropped the most since March. Gold fell below $1,300 an ounce for the first time since December.