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The Dow Jones Industrial Average continued its decline on Wednesday as Treasury yields rose, reflecting traders’ concerns about higher-for-longer rates.
The 30-stock index plummeted 302 points to pause for lunch at 42,622.89
The S&P 500 fell 39.41 points to 5,811.79.
The NASDAQ stumbled 200.32 points, or 1.1%, to 18,372.81.
On the earnings front, shares of Coca-Cola dipped about 2% even though the company posted a third-quarter beat. Tesla also dipped roughly 1% ahead of its earnings scheduled for after the closing bell.
Dow member McDonald’s fell more than 5% on Tuesday after the U.S. Centers for Disease Control and Prevention said an E. coli outbreak tied to the fast-food giant’s Quarter Pounder burgers has resulted in 10 hospitalizations and one death.
Prices for the 10-year Treasury lost ground, raising yields to 4.22% from Tuesday’s 4.20%. Treasury prices and yields move in opposite directions.
Oil prices sank 95 cents to $70.79 U.S. a barrel.
Prices for gold fumbled $26.70 an ounce to $2.733.10 U.S.
