Wall Street Moves Lower After Release of Fed Minutes

Wall Street Moves Lower After Release of Fed Minutes

The rising tensions sent oil prices surging, boosting energy stocks nearly 1 percent. But the risk-off sentiment weighed on Treasury yields <US10YT=RR>, pushing financial stocks down 1.4 percent.

10-Year Treasury Notes

High yield in monthly refunding auction.

The Dow Jones Industrial Average fell 231.41 points, or 0.95 percent, to 24,176.59, the S&P 500 lost 15.01 points, or 0.56 percent, to 2,641.86 and the Nasdaq Composite dropped 26.41 points, or 0.37 percent, to 7,067.90.

Facebook shares added the most to the S&P, gaining 1.2 percent as Chief Executive Mark Zuckerberg testified before Congress for a second day.

The shares were down about 0.5 percent at the start of Zuckerberg’s testimony, but they reversed course as he pushed back on Congress members’ suggestions that users do not have enough control of their data.

Industrial distributor Fastenal fell 6.4 percent after its earnings missed expectations. The stock was the biggest decliner on the S&P, followed by peer WW Grainger’s 4.2 percent drop.

Declining issues outnumbered advancing ones on the NYSE by a 1.03-to-1 ratio; on Nasdaq, a 1.15-to-1 ratio favored decliners.

The S&P 500 posted 6 new 52-week highs and 2 new lows; the Nasdaq Composite recorded 43 new highs and 23 new lows.

(Additional reporting by Sruthi Shankar in Bengaluru; Editing by Arun Koyyur and Dan Grebler)

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