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Good morning. Stocks retreated on Wednesday as long-dated bonds climbed again and Brent crude oil futures (BZ=F) rose back above $100 per barrel.
The 10-year Treasury (^TNX) yield, used as a benchmark for mortgages and other loans, rose to 5.34%, its highest level since 2002. Meanwhile, the 2-year Treasury climbed to 4.82%.
Stocks are coming off all-time highs, though the breadth of the market rally has deteriorated in recent weeks.
Here’s a check of the markets in the first few minutes of trading, based on a heat map powered by Yahoo Finance AlphaSpace data.
Tech (XLK) stocks retreated, with AI chip giants Nvidia (NVDA) and AMD (AMD) falling from all-time highs.
SpaceX (SPCX) stock dropped more than 1% as the Elon Musk-led company seeks to borrow $40 billion to fund the purchase of Nvidia chips, according to Bloomberg.
Bitcoin (BTC-USD) tumbled more than 3% to trade near $83,000 per token.
Here are some other notable stocks that Yahoo Finance readers are viewing this morning: Marvell (MRVL), Webull (BULL), and Constellation Brands (STZ).
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