It was a defeating session on Wall Street, with the S&P 500 and Dow marking three consecutive losses for the first time since early September and August, respectively. The tech-heavy Nasdaq also experienced a steep selloff and cut off a five-day win streak with its worst daily percentage drop since Sept. 6. The negative sentiment and sharp pullback can be attributed to the U.S. 10-year Treasury yield’s push higher, which had it scoring five-month highs earlier.
Gold Drops Off After Hitting New Record
On the back of an unanticipated hike in U.S. crude inventories, oil prices tumbled during Wednesday’s session. November-dated West Texas Intermediate (WTI) crude shed 97 cents, or 1.4%, to settle at $70.77 per barrel.Safe haven gold pulled back from its intraday record peak, as yields have yet to hit a top and the U.S. dollar gains strength. Gold for December delivery dropped 0.9% to trade at $2,734.60 at last check.More By This Author:Dow, S&P 500 Heading For 3rd-Straight LossNasdaq Logs 5-Straight As Bond Yields CoolS&P 500, Nasdaq Eyeing Rare Back-To-Back Losses
