Wall Street Slips As Treasury Yields Rise; Asia Stocks Down

Wall Street experienced a slight decline on Tuesday in a subdued return to trading following a three-day holiday weekend.

The S&P 500 fell 17.85 points, or 0.4%, to 4,765.98, the Dow Jones Industrial Average dropped 231.86, or 0.6%, to 37,361.12, and the Nasdaq composite sank 28.41, or 0.2%, to 14,944.35.

The S&P 500 fell 17.85 points, or 0.4%, to 4,765.98. The Dow Jones Industrial Average dropped 231.86, or 0.6%, to 37,361.12, and the Nasdaq composite sank 28.41, or 0.2%, to 14,944.35, as reported by Stan Choe for the Associated Press (AP).

Spirit Airlines incurred a loss of 47.1% after a U.S. judge blocked its takeover by JetBlue Airways due to concerns about potential higher airfares for travelers. In contrast, JetBlue saw a rise of 4.9%.

Bank stocks showed mixed performance as the earnings reporting season intensified for the final three months of 2023.

Morgan Stanley experienced a decline of 4.2% after revealing that a legal matter and a special assessment had a combined impact of $535 million on its pretax earnings. On the other hand, Goldman Sachs edged 0.7% higher after reporting results that exceeded Wall Street’s forecasts.

The Nikkei 225 index slipped 0.8% due to the strengthening of the Japanese yen against other currencies.

A robust yen can potentially diminish profits for Japanese exporters. The currency rose amid expectations that the Bank of Japan might be preparing to end its longstanding policy of keeping interest rates below zero, as reported by Matt Ott and Elaine Kurtenbach for AP.

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