Strong fall in the wall, due to deteriorating bonds – at -1.57%, S&P 500, Nasdaq -2%

They rotated forcefully downward The main indices of the US stock market today, Tuesday, April 30, 2024, Due to stronger than expected wage increases, which led to higher bond market yields.
In this context, the indicator indicated: Dow Jones The index fell 1.5% to 37,815 points Standard & Poor's 500 It fell by -1.57% to 5,035 units. While the cursor Nasdaq It decreased by -2.2% to 15,657 units.

to Labor costs, A measure of workers' wages jumped 1.2% in the March quarter, above the consensus estimate of 1%.
After this data, bond yields rose.
In particular, the 10-year bond rose by five basis points to 4.66% and the two-year bond rose by three basis points to 5.01%.

In the Dashboardthe McDonald's It missed expectations as the boycott affected sales in the Middle East, sending shares down 0.2 percent.
Its shares coca cola It moved to -0.4%, even as the packaging giant beat estimates on earnings and revenue.
Meanwhile, markets are discounting just one 0.25% cut in 2024, compared to the 6 to 7 cuts they “saw” at the start of the year.
So far, persistent inflation has forced the Fed to support the “higher for longer” mantra, i.e. higher interest rates for an extended period of time.
Elsewhere, the central bank is widely expected to keep interest rates steady, but traders are concerned that Fed Chairman Jerome Powell's comments after the meeting will lean further hawkish following the recent rise in inflation.

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