US stocks fall as bond yields spike, retailers drop
Wall Street stocks finished lower Thursday amid concerns about higher bond yields and retailers retreating after a trade group said the US presidential campaign is crimping shopping.
The yield on the 10-year US Treasury jumped nearly 3.0 percent to the highest level since June on expectations the Federal Reserve will increase interest rates in December.
"Markets are struggling, not because of earnings but because of the hike in yields," said Peter Cardillo of First Standard Financial. "That's weighing on stocks."
Nearly half of consumers surveyed by the National Retail Federation said they were more cautious on spending due to the uncertainty ahead of the US election. Shares of Best Buy, Macy's and Gap all fell at least 1.5 percent.
At the closing bell, the Dow Jones Industrial Average was at 18,169.68, down 0.2 percent.
The broad-based S&P 500 lost 0.3 percent at 2,133.04, while the tech-rich Nasdaq Composite Index shed -0.7 percent to 5,215.97.