On Wednesday, Wall Street dived steeply after a number of "heavyweights" of the market warned of rising costs, while the yield of 10-year American Treasuries reached 3% for the first time for four years.
Caterpillar fell by 6.20% as the management of the industrial company reported that its profit in the first quarter will be the highest for the year, and also warned about the surge of steel prices. Meanwhile, the profit of the heavy equipment manufacturer managed to surpass the forecasts.
The S&P 500 and Dow demonstrated a low of two and a half weeks.
As for the outcomes of other companies, including Lockheed and 3M, they disappointed market participants too, putting pressure on the market amid soaring revenues of Treasury bonds. The yield of 10-year bonds is steadily growing due to concerns about inflation, a soaring supply of debt securities as well as an increase in the cost of borrowing the Fed.
Paper 3M Co put the greatest pressure on the Dow Jones index, diving by 6.83%. The company's revenue generally coincided with the estimates, although it didn’t surpass them.
The Dow Jones concluded the trading session down 1.74% hitting 24,024.13, the S&P 500 index lost 1.34% reaching 2.634.56, while the Nasdaq Composite index dived 1.7% being worth 7,007.35.
As for the technology sector, it suffered a sell-off too. Equities of Facebook Inc decreased by 3.7%.
Paper Alphabet fell 4.77% because the company reported an ascend in costs as well as lower margins.
Shares of Apple Inc. inched down 1.39% due to worries about the decline in demand for high-tech smartphones.
Paper Lockheed Martin, which is the leading supplier of weapons to the Pentagon, slumped 6.17%. The company reported on its outperformed earnings forecasts in the first quarter and also raised its annual sales and profit forecast, although it didn’t improve its cash flow forecast.
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