The latest too-hot economic data sparked what may be the busiest trading day since the January 2021 meme stock frenzy.
After the big three indexes started the day higher, all three were falling in afternoon trading. The Nasdaq Composite was the biggest laggard with a decline of 1.5%. The S&P 500 was down 0.7%. The Dow was down 45 points, or 0.1%.
Stocks turned lower after bond yields jumped after a pair of economic data releases had traders dialing back rate-cut expectations. The yield on the 10-year Treasury note was up to 4.69%, while the 30-year yield was up to 4.92%.
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