Wednesday's big stock stories: What’s likely to move the market in the next trading session
The S&P 500 fell for a third session as elevated bond yields and oil kept stocks under pressure Tuesday. Tune in to CNBC Wednesday for BlackRock's Rick Rieder.
TL;DR
- U.S. 30-year Treasury bond yield reached a 19-year high, with similar trends observed in German, French, and British long-term bonds.
- Yields on U.S. six-month and one-year Treasury bills are approaching and exceeding 4%.
- The semiconductor ETF (SMH) dropped 4.1%, with individual chip stocks like Teradyne, Marvell, and Micron also seeing significant declines.
- Momentum stocks, tracked by the iShares MSCI USA Momentum Factor ETF (MTUM), are down 10% from recent highs.
- Communication services and information technology are the worst-performing S&P sectors this week.
- Target, Lowe's, and Estee Lauder are set to report earnings this week.
- Potential 50% tariffs on Canadian goods by the Trump administration could impact the iShares MSCI Canada ETF (EWC).
- Several U.S. energy companies, including Marathon Petroleum and Phillips 66, saw new highs, while refiners are being watched for a potential drop.
- U.S. diesel refining margins hit a record high due to shipping disruptions and increased demand.