Stocks were falling on Wall Street this morning after a key reading on inflation at the consumer level in the U.S. came in hotter than expected, the Associated Press reports. S&P 500 futures fell 1.1% about 10 minutes after the report from the Labor Department. Dow futures fell 0.8%, and Nasdaq futures fell 1.6%.
In the bond market, yields were rising sharply. The yield on the 10-year Treasury jumped to 4.26% from 4.16%, late Monday. The two-year Treasury yield, which more closely tracks expectations for the Federal Reserve, rose to 4.60% from 4.48% Monday.
In energy trading, benchmark U.S. crude rose 67 cents to $77.59 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, rose 59 cents to $82.63 per barrel.
