Stock Market Today: Dow Wavers Ahead of Fed Decision; Tesla, Microsoft, Boeing, and More Movers; Crypto News - Barron's

The yield on the 10-year Treasury note fell below a key milestone on Wednesday. News from the Treasury Department, regional bank earnings, as well as economic data this morning have investors bidding for the safe-haven asset.

The 10-year yield traded as low as 3.9435% on Wednesday, the lowest intraday value since Jan. 12. Traders have been looking for yields to break below 4% after the recent run-up above that level. Yields move inversely to prices.

The decline came after New York Community Bancorp swung to a quarterly loss and cut its dividend as the smaller lender looks to build up capital to adjust to the requirements of being a larger bank.

New York Community Bancorp stock plunged 34%. The pain spread to other smaller lending institutions. Zions Bancorporation stock was down 3.4%, while M&T Bank Corporation declined 2.3%.

Investors run for Treasuries when they sense trouble on the horizon, and the selloff in bank stocks may be offering memories of last spring’s banking crisis.

To top it off, the employment cost index, as well as the ADP payrolls report, showed fresh signs of cooling within the labor market on Wednesday. The data add to market optimism that Federal Reserve could soon cut interest rates, which would further push down yields.

Lastly, the Treasury Department’s quarterly refunding report this morning showed that the supply of longer-term bonds won’t surpass expectations. Lower supply allays concerns about the market’s ability to absorb debt and pushes yields lower.

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