Stocks Down 425 As Tech Takes Hit; High 10-Year Treasury Yields

Stock futures flat as U.S. bond yields near 3 percent

Stock futures flat as U.S. bond yields near 3 percent

USA bond yields are rising again Wednesday, setting more four-year highs, while oil prices are at three-year highs.

At 11:28 a.m. ET, the Dow Jones industrial average was down 32.58 points, or 0.14 percent, at 23,991.55, the S&P 500 was down 1.31 points, or 0.05 percent, at 2,633.25 and the Nasdaq Composite was up 12.49 points, or 0.18 percent, at 7,019.84.

KEEPING SCORE: The S&P 500 index sank 45 points, or 1.7 percent, to 2,625 as of 3:40 p.m. The Nasdaq composite dropped 148 points, or 2.1 percent, to 6,983.

After Caterpillar spooked investors by warning about higher material costs on Tuesday, Boeing executives, on a post-earnings call noted that it was not seeing a material effect from raw material costs.

BONDS: Investors may have also been anxious about rising interest rates, as they tend to slow down economic growth by making it more expensive for people and companies to borrow money.

Twitter Inc (NYSE:TWTR) reported better-than-expected second-quarter earnings and revenue as daily active users rose 10% year-over-year.

Alphabet shares fell 4.77%, erasing the stock's year-to-date gains as rising expenses and shrinking margins overshadowed the company's better-than-expected quarterly profit.

Shares of the world's biggest planemaker rose 2.8 percent after its profit jumped by more than half in the first quarter and the company raised its full-year forecasts for cash flow and earnings. Retailers and industrial companies also rose.

Bob Dorough, creator of 'Schoolhouse Rock,' has died
According to NRP , Dorough continued to perform until his death, and was survived by his wife, Sally Shanley Dorough. Bob Dorough performing at Joe's Pub in NY on March 9, 2014.

Technology stocks also weighed on the major indexes.

Stocks shot up at the end of 2017 and the start of 2018 as investors bet that the corporate tax overhaul would lead to bigger profits for American companies and greater economic growth.

Gina Martin Adams, chief equity strategist for Bloomberg Intelligence, said it hasn't happened yet.

Stocks were pressured early in the session as key USA interest rates reached levels not seen in years. YIELDS QUESTION: Bond prices slipped again Tuesday. The 10-year yield traded at 2.43 percent at the beginning of the year.

USA crude oil futures settled 1.4 per cent lower at $67.70 a barrel as concerns faded over the possibility that the United States might reinstate sanctions against Iran. Boeing rose 1.1 percent to $332.58. Exxon Mobil rose 1.5 percent after raising its dividend. Scandal-hit Facebook which is set to report after market on Wednesday, was down 0.14 percent.

Another market favorite, online retailer Amazon, shed 3.8 percent to $1,460.09.

Benchmarks in Hong Kong and South Korea fell as much as 1% by midday, while a number of other markets logged declines of at least 0.5%.