U.S. stocks fall as bond yields rise, S&P 500 drops 0.7%

Stocks in the U.S. went down because bond yields went up. The S&P 500 dropped by 0.7% on Wednesday, moving away from its recent high. The Dow Jones fell by 1.1%, and the Nasdaq went down by 0.6% after reaching a new all-time high. American Airlines Group's shares fell after they predicted lower profits for the spring. The bond market's yields also increased after a $44 billion Treasury auction, affecting the stock market. The 10-year Treasury yield rose to 4.61%. On Wednesday, the S&P 500 lost 39.09 points, the Dow Jones fell by 411.32 points, the Nasdaq dropped by 99.30 points, and the Russell 2000 index went down by 30.66 points. For the week, the S&P 500 decreased by 0.7%, the Dow by 1.6%, the Nasdaq by less than 0.1%, and the Russell 2000 by 1.6%. For the year, the S&P 500 increased by 10.4%, the Dow by 2%, the Nasdaq by 12.7%, and the Russell 2000 by 0.4%. Most U.S. stocks fell slightly due to higher bond yields after a long weekend. The S&P 500 closed almost the same as the previous day, just below its record. Around two-thirds of the stocks in the index went down. The Dow Jones fell by 0.6%, but some technology stocks helped the Nasdaq rise by 0.6% to a new high. Bond yields increased after a positive consumer confidence report and Treasury auction. On Tuesday, the S&P 500 rose by 1.32 points, the Dow Jones fell by 216.73 points, the Nasdaq went up by 99.09 points, and the Russell 2000 index decreased by 2.82 points. For the year, the S&P 500 increased by 11.2%, the Dow by 3.1%, the Nasdaq by 13.4%, and the Russell 2000 by 2%.