Stocks Sink as Caterpillar, 3% Yields Rattle Bulls: Markets Wrap
- Dow Jones Industrial’s losing streak the long since March 2017
- Treasury 10-year yield breaches 3% for first time in 4 years
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Stocks tumbled as a rout in the shares of industrial and technology companies sent indexes spiraling lower amid a raft of earnings and renewed selling in the bull market’s biggest winners. The 10-year Treasury yield pierced 3 percent for the first time in four years.
The Dow Jones Industrial Average fell for a fifth day, the longest losing streak since March 2017. The sell off accelerated after industrial bellwether Caterpillar Inc. said that the first quarter was its "high water mark" for the year. The Nasdaq 100 Index slumped 2.1 percent, with Alphabet Inc.’s rise in capital spending sending its shares lower 4.5 percent.