U.S. stocks fell under the weight of higher yields in the bond market.
U.S. stocks sank under the weight of higher yields in the bond market on Wednesday. The Standard & Poor's 500 dipped 39.09 points, or 0.7%, to 5,266.95 and fell further from its record set last week. It trimmed its gain for May, which had been on track to be its best month since November, as four out of every five stocks in the index dropped. The Dow Jones industrial average lost 411.32 points, or 1.1%, to close at 38,441.54, and the Nasdaq composite slipped 99.30 points, or 0.
The Fed is trying to pull off the balancing act of grinding down on the economy just enough through high interest rates to get inflation fully under control, but not so much that it leads to widespread layoffs. A report from the Fed released Wednesday said that it’s heard from businesses and other contacts around the country that consumers are pushing back against more increases to prices.
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