As things stand, the major stock indices are headed for a losing week. Through Thursday’s close, the S&P 500 is down nearly 2 percent, while the Dow has slipped 1.9 percent.
Yields on long-duration Treasuries shot up, with the 30-year bond climbing to 5.1 percent — a level last seen in October 2023. The benchmark 10-year yield hovered just below 4.6 percent.
The latest bout of selling came after the U.S. House of Representatives, in a party-line vote, cleared a bill that proposes sweeping tax cuts and higher military spending