Tech and health care lead United States stocks lower; bond yields rise

Tech and health care lead United States stocks lower; bond yields rise

The yield on the 10-year Treasury note-the most important single figure in the financial world-charged through the 3% threshold without blinking Tuesday morning, rising a full 0.07 percentage point to a four-year high of 3.06%. Australia's S&P/ASX 200 lost 0.6 percent to 6,097.80.

The S&P 500 index fell 18 points, or 0.7 percent, to 2,712. The Nasdaq composite dropped 78 points, or 1.1 percent, to 7,332. Germany's DAX fell 0.1 percent after new data showed the country's economy slowed in the first quarter.

"The most notable of these is the retail sales data for April, which is expected to be relatively good for a second consecutive month following a few poor numbers that were a little worrying", Craig Erlam, a senior market analyst for Oanda, said in a commentary.

Stocks are opening moderately higher on Wall Street, led by gains in technology, health care and energy companies.

The proximate trigger for the rise in yields was the release of United States retail sales data, which contained some upward revisions to prior months, and an Empire manufacturing survey that showed the highest prices paid component since 2011. The Dow Jones Small-Cap Value TSM Index closed at 10,162.47 for a gain of 1.12 points or 0.01%. The yield on the 10-year Treasury rose to its highest since July 2011.

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The Dow lost 183 points, or 0.7 percent, to 24,715.

Bond prices fell, sending yields higher, after the government reported a solid increase in USA retail sales last month.

Viacom slumped 6 percent and CBS rose 4 percent after CBS sued to block efforts to force the company combine with Viacom. Brent crude, used to price global oil, added 20 cents to close at $78.43 a barrel in London. Nvidia fell 4.4 percent to $244.13.

CURRENCIES: The dollar rose to 109.97 yen from 109.53 yen late Monday. Soon-to-be NY Fed President Williams noted that "inflation has just barely reached our 2 percent goal" and said that he thought the chances of two or three additional hikes this year were reasonably balanced. Gold fell $27.90, or 2.1 percent, to $1,290.30 an ounce. South Korea's Kospi slipped 0.7 percent.

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