Spiking bond yields slam stock market winning streak

E-mini Dow Jones Industrial Average

The Dow Jones industrial average lost 0.9%.

The index also snapped an eight-day winning streak. The S&P 500 closed at 2,711.45 for a loss of -18.68 points or -0.68%. The Nasdaq composite dropped 78 points, or 1.1 percent, to 7,332.

France's CAC 40 inched up 0.2 percent to 5,548, while Britain's FTSE 100 rose by the same rate to 7,726. The Russell 2000 index of smaller-company stocks gave up 1 point, or 0.1 percent, to 1,598. The broad sell-off followed a slide in bond prices, which drove up yields, paving the way for higher borrowing costs on mortgages and other loans.

The prospect of higher mortgage rates weighed on home builders, while the rise in bond yields sent stocks that pay high dividends lower. USA ambassador to China Terry Branstad said the two countries remain "very far apart" regarding a tariff resolution, after which White House economic adviser Larry Kudlow told Politico he supports efforts to reach an agreement. Smaller rival Lowe's Companies Inc (LOW.N) was down 1.0 percent.

Treasury yields surged higher after April retail sales came in as expected with a 0.3% month-over-month increase, but the March increase was revised higher to 0.8% from 0.6%, and core retail sales jumped 0.4%.

Stocks are opening moderately higher on Wall Street, led by gains in technology, health care and energy companies.

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Tuesday ended an eight-day run of consecutive gains for the Dow Jones.

BOND YIELDS: Bond prices fell. The Nasdaq composite fell 60 points, or 0.8 percent, to 7,349. The yield on the 10-year Treasury rose to its highest since July 2011. Australia's S&P/ASX 200 lost 0.6 percent to 6,097.80.

A surge in US government bond yields to their highest level in nearly seven years sent Wall Street shares sliding on Tuesday after strong retail sales data stoked inflation concerns and investors fretted about looming trade talks between the United States and China.

The benchmark 10-year note's yield climbed to 3.09% in afternoon trading, and it is up more than 67.1 basis points in 2018, according to data from bond platform Tradeweb. South Korea's Kospi slipped 0.7 percent to 2,458.54 while Hong Kong's Hang Seng dropped 1.2 percent to 31,152.03.

The S&P 500 rose 9 points, or 0.3 percent, to 2,736.

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