US: Wall St drops as rate worries push bond yields higher

Wall Street opened lower on Wednesday (May 29), with investors turning risk-averse as concerns around the timing and scale of the Federal Reserve’s interest rate cuts pushed Treasury yields higher and pressured megacap stocks.

The Dow Jones Industrial Average fell 136.6 points, or 0.35 per cent, at the open to 38,716.28.

The S&P 500 fell 27.3 points, or 0.51 per cent, at the open to 5,278.73​, while the Nasdaq Composite dropped 140.5 points, or 0.83 per cent, to 16,879.349 at the opening bell. REUTERS