U.S. equities fell on Wednesday as Treasury yields marched higher amid concerns among investors that more interest rate hikes from the Federal Reserve may be coming down the pike.
The Dow Jones Industrials caved 182.84 points to 51,680.85
The S&P 500 index lost 37.26 points to 7,727.38.
The NASDAQ Composite dropped 242.81 points to 27,001.46.
In Tuesday’s session, the NASDAQ hit a new all-time intraday high and closed at a record, while the Dow finished lower. The S&P 500 was roughly flat, though the index is about 0.8% off from its all-time high.
Declines in utilities, consumer discretionary and communication services stocks led the broader market’s fall, with the three sectors shedding more than 1% each. Materials was another lagging group, pulling back nearly 1%.
Odds that the Fed would hike rates by a quarter percentage point in October stood above 60% on Wednesday. That’s up from 55.4% a day ago and just 8.8% one month ago.
Earlier Tuesday in his address to the U.N., Trump said he has a “big decision” over whether to reach a deal with Tehran or “annihilate” the country.
Prices for the 10-year Treasury tumbled sharply, raising yields to 5.07% from Tuesday’s 4.95%. Treasury prices and yields move in opposite directions.
Oil prices gained 84 cents to $91.36 U.S. a barrel.
Gold prices flopped $44.50 to $4,331.0 U.S. an ounce.
