Stock market today: US stocks drop and bond yields climb as investors temper expectations for rate cuts

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  • US stocks edged little connected Wednesday arsenic investors continued to set their outlook for Fed complaint cuts.
  • Investors spot a 69% chance nan Fed will trim rates 2 much times successful 2024.
  • Traders besides person their oculus connected coming earnings, pinch Tesla connected platform to study aft nan closing bell.

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US stocks slumped connected Wednesday arsenic investors tempered their expectations for complaint cuts, sending enslaved yields higher.

Major indexes slipped successful early-morning trading, while Treasury yields moved up. The 10-year Treasury enslaved output roseate 3 ground points to 4.242%, its highest level successful astir 3 months.

The enslaved marketplace has been caught successful a sell-off this week arsenic traders set their views connected nan way of monetary argumentation amid basking economical data, nan imaginable for a Trump triumph adjacent month, and cautious guidance from Fed officials this week.

Investors are pricing successful a 69% chance nan Fed is still connected way to trim rates 2 much times this year, but likelihood for a complaint trim successful January person fallen to 45%, down from 66% a week ago, according to nan CME FedWatch tool.

Investors, meanwhile, are keeping an oculus connected coming firm net reports. Boeing shares slid much than 2% early Wednesday aft nan aerospace patient reported a nonaccomplishment of complete $6 cardinal past quarter.

Tesla shares besides dipped somewhat little arsenic investors readied for Elon Musk's car institution to report net aft nan closing bell.

Earnings play has been disconnected to a beardown commencement truthful far. 79% of S&P 500 companies that person already reported financials person beaten net estimates, according to a FactSet study past Friday.

"The barroom for third-quarter net is low, pinch analysts presently expecting only astir a 3% summation successful S&P 500 net per stock (EPS). That debased barroom and a supportive economical situation points to imaginable upside," LPL Financial wrote successful a note.

MacDonald's banal dropped 6% aft nan Centers for Disease Control and Prevention said an outbreak of E. Coli linked to nan accelerated nutrient chain's 4th pounders led to 1 decease and 10 hospitalizations.

Here's wherever US indexes stood soon aft nan 9:30 a.m. opening doorbell connected Wednesday:

  • S&P 500: 5,831.32, down 0.34%
  • Dow Jones Industrial Average: 42,666.37, down 0.62% (-262.74 points)
  • Nasdaq composite: 18,477.25, down 0.52%

Here's what other is going on:

  • Legendary investor Paul Tudor Jones says he's buying golden and bitcoin anterior to nan November election.
  • A Trump triumph could substance a semipermanent buying opportunity successful Chinese stocks, according to 1 banal chief.

In commodities, bonds, and crypto:

  • West Texas Intermediate crude lipid dipped 1% to $71.03 a barrel. Brent crude, nan world benchmark, was little by 1.01% to $75.27 a barrel.
  • Gold slid 0.59% to $2,732.47 an ounce.
  • The 10-year Treasury output ticked higher 3 ground points to 4.242%.
  • Bitcoin edged little to $66,785.
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