Markets

Wall Street tumbles 1% at the open on higher yields

2018-10-10 14:36:38 GMT (Economies.com)

US stock indices opened the third session of the week sharply lower as treasury yields continue their surge to multi-year highs, while the tech sector led Wall Street lower ahead of the third-quarter earnings season. 

 

Earlier US data showed producer prices rose 0.2% as expected in September, compared to a 0.1% dip in August, while core prices rose 0.2% as well, matching estimates. . 

 

The final reading for wholesale inventories showed a 1% increase, compared to the preliminary reading's 0.8%, and adding to July's 0.6% increase. 

 

Stock Performance 

 

As of 02:24 GMT, Standard and Poor's 500 shed 0.87%, or 25.19 points to 2,855.15, while Dow Jones shed 0.86%, or 227.15 points to 26,203.42. 

 

Tech-heavy NASDAQ tumbled 1.50%, or 115.86 points to 7,622.15. 

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