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Dow Falls 400 Points as Wall Street Gets Off to a Bad Start for the Second Quarter

The Dow Jones Industrial Average experienced a second consecutive day of decline, reflecting a lackluster beginning for Wall Street in the current quarter.

This downturn was influenced by an increase in bond yields and a shift in traders’ expectations regarding a potential interest rate cut by the Federal Reserve in June.

The 30-stock Dow saw a decrease of 420 points, equal to a 1.1% drop. At its lowest point during the trading session, the benchmark dipped by over 500 points. The S&P 500 also declined by 0.9%, while the Nasdaq Composite experienced a 1.2% decrease.

The stock market’s performance in the second quarter has been challenging, with recent inflation data and strong economic indicators contributing to a rise in bond yields.

This development has lessened the likelihood of an interest rate cut by the Fed in June. The 10-year Treasury yield reached its highest level since November 28, while oil prices surged to a five-month high on Tuesday, further intensifying inflationary pressures.

Source (CNBC)

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