Stocks Drop to More Than One Week Low; Yields Rise: Markets Wrap
- Oil falls with U.S. refinery outages seen hurting demand
- Gold futures touch seven-month low; lumber hits record high
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U.S. stocks dropped to the lowest levels in more than a week and Treasury yields edged higher amid growing concern rising borrowing costs could sap a rally that’s driven equity values to historic highs.
The tech-heavy Nasdaq 100 slumped 0.4%, the third consecutive decline. The energy and communication services sectors weighed on the S&P 500, which posted its biggest drop since Jan. 29. A report earlier showed initial jobless claims rose more than expected. Walmart Inc. fell 6.5% after saying it will increase spending on worker salaries and automation.