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Stocks - Wall Street Slumps as Bond Yields Rise

Wall Street was lower on Thursday.

Investing.com - Wall Street was lower at the open on Thursday as bond yields rose after hawkish meeting minutes from the Federal Reserve.

The S&P 500 fell 17 points, or 0.61%, to 2,792.10 as of 9:37 AM ET (13:37 GMT), while the Dow decreased 148 points, or 0.58%, to 25,558.49 and the tech-heavy Nasdaq Composite was down 49 points, or 0.65%, to 7,593.27.

Treasury yields were higher on Thursday, with the United States 10-Year note near a one-week high of 3.211%. The rise in bond yields came after hawkish Fed minutes showed the central bank's conviction in gradually increasing interest rates in December and beyond.

Chances of a Fed rate hike at its meeting in December were priced in at 86.4%, according to Investing.com's Fed Rate Monitor Tool.

Meanwhile, the number of people who filed for unemployment benefits fell by 5,000 last week, while the Philly Fed manufacturing index fell less than expected.

Endocyte (NASDAQ:ECYT) was among the top gainers after the morning bell, surging 50.19% after Novartis agreed to buy the cancer drug company for $2.1 billion, or $24 a share, in cash.

Philip Morris (NYSE:PM) gained 2.64% after its third-quarter results came in higher than expected, while Alcoa (NYSE:AA) was up 7.3% after its earnings beat expectations.

Elsewhere, IBM (NYSE:IBM) fell 0.77%, while Canopy Growth (NYSE:CGC) gained 2.8% and Facebook (NASDAQ:FB) slumped 1.59%.

Netflix (NASDAQ:NFLX) decreased 1.7% and Apple (NASDAQ:AAPL) slumped 1.45%. Constellation Brands (NYSE:STZ) inched down 0.16% after the company announced CEO Rob Sands will step down next March.

In commodities, gold futures decreased 0.02% to $1,227.10 a troy ounce, while crude oil futures fell 1.68% to $68.58 a barrel. The U.S. dollar index, which measures the greenback against a basket of six major currencies, increased 0.06% to 95.41.

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