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Monday, February 26, 2024

U.S. stocks open lower as Treasury yields jump after retail sales stronger than expected

U.S. stocks open lower as Treasury yields jump after retail sales stronger than expected


U.S. stocks opened lower Tuesday as Treasury yields climbed after fresh economic data showed retail sales rose in September more than forecast. The Dow Jones Industrial Average
DJIA,
+0.04%

was down 0.3% soon after the opening bell, while the S&P 500
SPX,
-0.01%

shed 0.7% and the Nasdaq Composite
COMP,
-0.25%

fell 1.1%, according to FactSet data, at last check. U.S. retail sales increased 0.7% last month, the Census Bureau said Tuesday. That’s much stronger than the 0.2% rise forecast from economists polled by the Wall Street Journal as consumers continued to spend in September. Yields in the Treasury market jumped after the retail sales report, with the rate on the 10-year Treasury note
TMUBMUSD10Y,
4.850%

up about 13 basis points on Tuesday morning at around 4.84%, according to FactSet data, at last check. 



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