Wall Street's six-week winning streak ended as Treasury yields rose, leading to a decline in the S&P 500 and Dow, with Capri Holdings suffering significant losses.
Investors are grappling with high valuations amid mixed earnings reports, resulting in a complex market environment that can make equities less attractive.
After the federal judge blocked Capri Holdings' acquisition by Tapestry, the luxury brand owner saw its stock plummet nearly 48%, bringing uncertainty to its future.
The Nasdaq Composite managed to rise by 0.56%, largely thanks to robust performances from strong tech stocks like Capital One and Deckers Outdoor.
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