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Global stocks sink as bond yields, dollar regain traction

A six-day rebound in world stocks sputtered on Tuesday, hurt by rising bond yields and disappointing earnings from U.S. retailers, while the U.S. dollar extended a rebound from three-year lows.

Pressured by higher yields, Wall Street’s main equity indexes fell after six straight days of gains as the market reopened following the Presidents’ Day holiday on Monday.

Shares of the world’s biggest brick-and-mortar retailer Walmart (NYSE:WMT) slumped more than 9 percent after the company reported a lower-than-expected profit and a sharp drop in online sales growth during the holiday period.

Shares of other retail majors Target and Costco Wholesale (NASDAQ:COST) also fell, dragging the S&P consumer staples index down 1.93 percent.

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