Stocks slump as 10-year yield hits highest level since January 2020 - Fox Business

Former Congressional Budget Office director Doug Holtz-Eakin discusses the potential impact of President Biden's infrastructure bill.

U.S. equity markets were lower Tuesday as bond yields reached a 14-month high ahead of President Biden's unveiling of his $3 trillion infrastructure package set for Wednesday.

Ticker	Security	Last	Change	Change %
I:DJI	DOW JONES AVERAGES	33099.69	-71.68	-0.22%
SP500	S&P 500	3953.97	-17.12	-0.43%
I:COMP	NASDAQ COMPOSITE INDEX	12943.09704	-116.55	-0.89%

The Dow Jones Industrial Average fell 19 points, or 0.06%, while the S&P 500 and the Nasdaq Composite were lower by 0.24% and 0.48%, respectively. The losses have the Dow on track to open just below Monday's record-high close as the major averages contend with the benchmark 10-year yield ticking above 1.77% to a level last seen in January 2020.

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Ticker	Security	Last	Change	Change %
MSFT	MICROSOFT CORP.	231.99	-3.25	-1.38%
AAPL	APPLE, INC.	119.49	-1.90	-1.57%
TSLA	TESLA, INC.	592.55	-18.74	-3.07%

In stocks, climbing bond yields weighed on mega-cap technology stocks with Apple Inc., Microsoft Corp. and Tesla Inc. among the laggards.

Meanwhile, financials outperformed as the rise faster rise in longer-dated bond yields steepened the yield curve.

Ticker	Security	Last	Change	Change %
XLF	FINANCIAL SELECT SECTOR SPDR ETF	34.42	+0.36	+1.06%

However, Credit Suisse AG and Nomura Holdings Inc. remained under pressure after both said on Monday that they would suffer substantial losses due to the hedge fund Archegos Capital Management needing to unwind billions of dollars of positions.

Ticker	Security	Last	Change	Change %
CS	CREDIT SUISSE GROUP AG	11.02	-0.37	-3.25%

Elsewhere, PayPal Holdings Inc. will launch in the coming months launch a cryptocurrency checkout service for U.S. customers that will convert digital coins into fiat currency that can be used to make purchases.

Ticker	Security	Last	Change	Change %
PYPL	PAYPAL HOLDINGS, INC.	233.41	-2.26	-0.96%

In commodities, West Texas Intermediate crude oil fell 97 cents to $60.59 per barrel as the Suez Canal reopened following the refloating of the container ship Ever Given and gold tumbled $27.30 $1,687.30 per ounce.

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Overseas markets rallied with Germany’s DAX 30 trading up 0.7%, France’s CAC 40 advancing 0.64% and Britain’s FTSE 100 ticking higher by 0.04%.

In Asia, Hong Kong’s Hang Seng index gained 0.84%, China’s Shanghai Composite added 0.62% and Japan’s Nikkei 225 rose 0.16%.

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