Major US stock indexes head lower

Major US stock indexes head lower

US stocks ended lower on Tuesday as the closely-watched 10-year Treasury yield reached new highs.

The Dow Jones industrial average gained 68 points, or 0.3 percent, to 24,899. US shares were set to drift slightly lower, with Dow futures down 0.4 percent and S&P 500 futures 0.3 percent lower. The Nasdaq composite dropped 78 points, or 1.1 percent, to 7,332.

Bond prices fell. The yield on the 10-year Treasury rose to 2.99 percent. That paves the way for higher borrowing costs on mortgages and other loans.

The probability that the US central bank will raise its benchmark rate a fourth time this year went above 50 percent for the first time, according to the CME's FedWatch tracking tool for the fed funds futures market.

The big news overnight is that the 10 year Treasury yield has broken above its highs from early 2014, and now sits at 3.08%.

Core April retail sales - which excludes gasoline, automobiles, building materials and food services - rose at a brisker 0.4 percent monthly pace over March, as consumer spending is quickening its pace after a first-quarter slowdown.

The world's hungriest black hole eats three suns per week
The ultra-violet light emitted from the quasar was detected by the SkyMapper telescope at the ANU Siding Spring Observatory . There is a supermassive black hole at the centre of our own galaxy , but compared to this one, it's a lightweight.

The yield curve steepened from near its flattest levels since 2007, with the spread between the 2 year and 10 year bond yields widening 5bps to 50bps.

Stocks are moving mostly lower in midday trading on Wall Street, led by technology and health care companies. Chipmaker Nvidia fell 3.8 percent to $245.56. Brent crude, used to price worldwide oil, added 20 cents to close at $78.43 a barrel in London. Copper slipped 4 cents, or 1.2 percent, to $3.06 a pound. Bed Bath & Beyond rose 2.4 percent to $17.48.

The greenback's gains weighed on precious metals prices. Silver dropped 38 cents, or 2.3 percent, to $16.27 an ounce.

Major indexes in Europe finished mixed Tuesday.

Apple fell 1 percent, Amazon fell 1.9 percent and Wells Fargo climbed 0.9 percent. France's CAC 40 inched up 0.2 percent. Williams said he thought the "new normal" for the neutral rate was around 2.5% (he added that he didn't expect the fiscal stimulus to have any more than a 0.25% impact on neutral) while Kaplan put it in a range of 2.5-3%.

In Asia, Japan's benchmark Nikkei 225 edged down 0.2 percent.

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