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Stocks Drop as Selloff Puts Nasdaq Into Correction: Markets Wrap

  • Earnings vie with concern over bond yields, rate hikes
  • P&G sales, UnitedHealth results surprise to the upside
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Is it Time to Buy the Dip?Source: Bloomberg
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U.S. stocks fell in choppy trading as investors assessed outlooks for earnings growth amid the potential for monetary policy tightening. The rout pushed the Nasdaq Composite over the threshold into correction territory.

The S&P 500 fell for a second day, closing below a key technical support level for the first time since October. The Nasdaq Composite extended losses, sliding more than 10% from a November high. Treasury yields fell across the curve, even as expectations grow that the U.S. 10-year will top 2%. A dollar gauge declined for the first time in four days.