Live Markets: US stock indexes swing lower as oil, yields jump
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U.S. STOCK INDEXES SWING LOWER AS OIL, YIELDS JUMP
Wall Street's three main indexes turned lower on Tuesday, with the Dow Industrials .DJI leading losses amid broad pressure from a rally in oil prices and climbing Treasury yields.
The Dow's biggest loser is Johnson & Johnson JNJ.N after news late on Monday that an experimental depression drug it developed with Contineum Therapeutics CTNM.O failed to meet the main goal of a mid-stage study. Contineum shares tumbled more than 11% as a result.
Meanwhile, U.S. 10-year Treasury yields hit their highest levels since 2007 as investors bet that the Federal Reserve will kick off a series of rate increases next week as it battles stubborn inflation.
Oil prices are higher after attacks on Saudi Arabian energy infrastructure left the kingdom's East-West Pipeline offline, raising fears that damage to energy infrastructure and transport routes could take longer to repair.
With that, energy .SPNY is the sole gainer among the S&P 500's .SPX 11 major industry sectors, adding more than 1%. Consumer Discretionary .SPLRCD is the biggest laggard, off more than 1.2%.
Here is your morning snapshot from 10:15 a.m. ET (1415 GMT):
(Sinéad Carew)
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EARLIER ON LIVE MARKETS:
BREADTH BREAKDOWN LEAVES NASDAQ BULLS ON ALERT CLICK HERE
WHO DARES SHORT GAS? CLICK HERE
SWEDISH ELECTION RESULTS MAY BE POSITIVE FOR NATION'S BANKS CLICK HERE
STOCKS ENTER THE "DANGER ZONE" CLICK HERE
WEAK START CLICK HERE
EUROPE BEFORE THE BELL: SLIGHTLY SOFTER CLICK HERE
TRUMP SAYS HIT THAT BRAKE; NO, NOT THAT ONE CLICK HERE
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