U.S. stocks suffered a beating Wednesday, with all but three members of the S&P 500 showing declines, after bond investors piled into Treasurys, causing the yield curve to invert.
Bond investors’ desire to lock in longer-term interest streams prompted the yield on 10-year Treasury notes to dip below the yield of two-year U.S. Treasury notes on Wednesday. This was the first time yields on two-year and 10-year notes inverted since 2007.
Weak economic figures out of Europe and slowing industrial output in China added to the negative tone of trading.
The Dow 30: All Losers
Here’s how all 30 components of the Dow fared on Wednesday:
Here are the 10 worst performers among the S&P 500, with Macy’s the worst performer after a dismal earnings report and guidance revision from the retailer’s management: