Traders work on the floor of the New York Stock Exchange on May 21, 2025.
NYSE
The Dow Jones Industrial Average fell Wednesday as traders fretted over another move higher in Treasury yields and monitored the progress on a new U.S. budget bill that could put pressure on the country’s deficit.
The blue-chip index lost 433 points, or 1%. The S&P 500 shed 0.5%, while the Nasdaq Composite was unchanged.
The 30-year Treasury bond yield moved back above 5% on Wednesday, while the benchmark 10-year Treasury note yield traded over 4.53%. Yields topped those key levels earlier in the week after Moody’s downgraded U.S. bonds late Friday.
The latest moves come as traders look to Washington as Republican leaders work to finalize a budget bill that would lower taxes. However, the measure has faced pressure from GOP members looking for higher deductions on state and local taxes. Investors also worry the measure could worsen the U.S. deficit.
“The questions now is, from a fiscal perspective, what will the tax bill look like, and will it undo all of the recent fiscal frugality by simply raising the debt level at a slower rate of pace? So I think that’s why the 10-year yield is moving higher — because investors are worried that we’re really not doing anything to slow the pace of inflation and to reduce the debt,” Sam Stovall, CFRA Research chief investment strategist, told CNBC in an interview.
“Now it seems as if there is a greater that the tax bill will pass, and that could end up simply continuing to raise the overall debt level,” he continued.
UnitedHealth was the worst-performing Dow member, losing more than 4% after a downgrade from HSBC. Major tech-related stocks Apple and Amazon also dropped as rates increased.
Wednesday’s action comes after a tough session for the three major averages. The S&P 500 ended a six-day win streak, while the Nasdaq saw its first negative day in three.
The major averages have staged sharp recoveries since a sell-off last month that engulfed markets after Trump unveiled steep tariffs on imported goods. The S&P 500 and Nasdaq are up more than 14% and 19%, respectively, in the past month.
“Some [investors] are a little worried that we’ve gone too far, too fast, and are due for some digestion of recent gains,” Stovall added.
See the stocks moving midday
These are some of the stocks moving midday:
- Target — The big-box retailer fell 4% on disappointing first-quarter results. Target also cut its full-year sales outlook, partly blaming falling consumer sentiment and uncertainty about tariffs.
- Toll Brothers — The stock added 2.8% after the homebuilder beat on both the top and bottom lines for its second quarter. Earnings came in at $3.50 per share, topping the $2.83 a share expected from analysts polled by LSEG. Revenue was $2.74 billion, versus the $2.48 billion consensus estimate.
- Palo Alto Networks — The cybersecurity company tumbled 5% after posting a gross margin for the third fiscal quarter that was lower than expected. That overshadowed an better-than-anticipated earnings report on both lines for the quarter.
Click here for the full story.
— Alex Harring
Platinum hits highest level in a year
On Wednesday, platinum’s July-dated futures hit a high of 1,070.6. This marked the metal’s highest level since May 29, 2024, when it traded as high as 1,071.9.
Platinum 1Y Chart
Platinum could continue to face substantial supply deficits in the near future, while demand for the metal remains strong through the next year.
— Gina Francolla, Lisa Kailai Han
Canada Goose soars 28% on fiscal fourth-quarter beat
GOOS 5D chart
In its fiscal fourth quarter, Canada Goose reported adjusted earnings of 33 Canadian cents, exceeding the 23 Canadian cents analysts polled by LSEG had expected. The company’s revenue of CA$384.6 million, or US$277.1 million, also beat forecasts of CA$356.4 million, or US$256.8 million.
However, Canada Goose pulled its fiscal year 2026 outlook, citing “macroeconomic uncertainty” and “dynamic consumer spending patterns brought on by the unpredictable global trade environment.”
Still, the company reiterated its confidence in its brand, solid financial position and ability to adapt to changing circumstances.
— Ali McCadden, Lisa Kailai Han
Crypto stocks climb as bitcoin hits a record high
Romain Costaseca | Afp | Getty Images
Bitcoin broke through its January high-water mark to set a new record above $109,000 on Wednesday, helping fuel a rally in crypto-related stocks.
Shares of Coinbase were up 2.7% on the day, while brokerage stock Robinhood climbed 1.5%. MARA Holdings jumped more than 4%.
Bitcoin’s high for the day is $109,500, according to Coin Metrics.
Bitcoin hit a record high on Wednesday.
— Jesse Pound
Gold paces for best week in over a month
On Wednesday, gold’s June-dated futures hit a high of 3,322.5. This marked the precious metal’s highest level since May 9, when it traded as high as 3,352.7.
Gold futures 3M chart
Target CEO says retailer has ‘many levers’ to pull to mitigate tariff impact
Target CEO Brian Cornell said the big box retailer has many levers to use in mitigating the impact from tariffs, and can use pricing as a last resort.
Those comments come after Target on Wednesday cut its full-year sales outlook, amid ongoing tariff uncertainty, as well as backlash to the company’s rollback of its diversity equity and inclusion efforts.
The stock was last down by 4.8%.
Target
— Sarah Min
Natural gas futures hit highest level since May 14
Natural gas’ June-dated futures hit a high of 3.513% on Wednesday morning.
Natural Gas 3M chart
This marked their highest level since May 14, when natural gas traded as high as 3.635%.
Similarly, the Euro TTF Natural Gas and UK Natural Gas benchmarks hit their highest levels since early April.
— Gina Francolla, Lisa Kailai Han
Stock open lower, adding to Tuesday’s losses
Palo Alto Networks, Target among stocks moving before market open
Nikesh Arora, CEO of Palo Alto Networks, looks on during the closing bell at the Nasdaq Market in New York City, U.S., March 25, 2025.
Jeenah Moon | Reuters
Check out the companies making headlines before the bell:
- Palo Alto Networks — Shares of the cybersecurity company dipped 3.7% after Palo Alto Network’s gross margin for the fiscal third quarter came out below estimates. The company still beat on earnings and revenue expectations, however.
- UnitedHealth — Shares dropped more than 6% after HSBC downgraded the health insurance giant, saying valuations are still elevated despite a recent rout.
- Target — The retailer’s stock slipped 3.5% after Target missed first-quarter revenue estimates and cut its full-year sales outlook. Executives blamed tariff uncertainty, weaker discretionary spending and backlash to the company’s rollback of key diversity, equity and inclusion efforts for its performance.
For the full list, read here.
— Pia Singh
Home construction ETF pacing for 1st positive month in 4
Homes under construction in Englewood Cliffs, New Jersey on Nov. 19th, 2024.
Adam Jeffery | CNBC
ITB 3M chart
Target cuts outlook, shares slide
A Target store in midtown Manhattan is seen in New York City, U.S., March 27, 2025.
Jeenah Moon | Reuters
Target dipped nearly 2% in the premarket after the company cut its full-year sales outlook. The retailer cited consumer uncertainty around consumer spending due to tariffs and backlash to a rollback of DEI efforts. First-quarter revenue also missed expectations.
— Fred Imbert
Lowe’s ticks higher after earnings beat
Customers shop at a Lowe’s home improvement store on Feb. 26, 2025 in Chicago, Illinois.
Scott Olson | Getty Images
Lowe’s shares were up more than 2% after the home improvement retailer posted first-quarter earnings that beat expectations. The company earned $2.92 per share, topping an LSEG estimate of $2.88 per share. Revenue of $20.93 billion was just below a consensus forecast of $20.94 billion.
LOW rises
— Fred Imbert
Stocks snap win streaks
Tuesday’s negative session ended rallies for the three major averages.
The S&P 500 and Dow snapped six- and three-day win streaks, respectively. The Nasdaq Composite notched its first negative session in three.
Read the full recap of the day’s moves here.
— Alex Harring
See the stocks moving after hours
These are some of the stocks making the biggest moves in extended trading:
- Toll Brothers — The luxury homebuilder’s shares advanced 6% after the company’s earnings topped forecasts. Toll Brothers reported earnings of $3.50 per share in the second fiscal quarter, above the consensus estimate of $2.83 per share, according to LSEG. The company posted $2.71 billion in revenue versus a $2.48 billion forecast.
- Take-Two Interactive Software — Shares slid 3% after the video game maker announced a proposed offering of $1 billion in common stock.
- Keysight Technologies — Shares climbed 5%. The electronic test equipment manufacturer reported earnings for the fiscal second quarter that came in above Wall Street consensus forecasts. Keysight posted $1.70 per share, excluding items, on revenue of $1.31 billion, while analysts polled by LSEG had penciled in $1.65 per share and $1.28 billion in revenue.
Click here for the full list.
— Alex Harring
Stock futures are little changed
Stock futures were nearly flat shortly after 6 p.m. ET Tuesday night.
Dow and S&P 500 futures each slipped 0.1%, while Nasdaq 100 futures shed 0.2%.
— Alex Harring
Traders work on the floor of the New York Stock Exchange on May 21, 2025.
NYSE
The Dow Jones Industrial Average fell Wednesday as traders fretted over another move higher in Treasury yields and monitored the progress on a new U.S. budget bill that could put pressure on the country’s deficit.
The blue-chip index lost 433 points, or 1%. The S&P 500 shed 0.5%, while the Nasdaq Composite was unchanged.
The 30-year Treasury bond yield moved back above 5% on Wednesday, while the benchmark 10-year Treasury note yield traded over 4.53%. Yields topped those key levels earlier in the week after Moody’s downgraded U.S. bonds late Friday.
The latest moves come as traders look to Washington as Republican leaders work to finalize a budget bill that would lower taxes. However, the measure has faced pressure from GOP members looking for higher deductions on state and local taxes. Investors also worry the measure could worsen the U.S. deficit.
“The questions now is, from a fiscal perspective, what will the tax bill look like, and will it undo all of the recent fiscal frugality by simply raising the debt level at a slower rate of pace? So I think that’s why the 10-year yield is moving higher — because investors are worried that we’re really not doing anything to slow the pace of inflation and to reduce the debt,” Sam Stovall, CFRA Research chief investment strategist, told CNBC in an interview.
“Now it seems as if there is a greater that the tax bill will pass, and that could end up simply continuing to raise the overall debt level,” he continued.
UnitedHealth was the worst-performing Dow member, losing more than 4% after a downgrade from HSBC. Major tech-related stocks Apple and Amazon also dropped as rates increased.
Wednesday’s action comes after a tough session for the three major averages. The S&P 500 ended a six-day win streak, while the Nasdaq saw its first negative day in three.
The major averages have staged sharp recoveries since a sell-off last month that engulfed markets after Trump unveiled steep tariffs on imported goods. The S&P 500 and Nasdaq are up more than 14% and 19%, respectively, in the past month.
“Some [investors] are a little worried that we’ve gone too far, too fast, and are due for some digestion of recent gains,” Stovall added.
See the stocks moving midday
These are some of the stocks moving midday:
- Target — The big-box retailer fell 4% on disappointing first-quarter results. Target also cut its full-year sales outlook, partly blaming falling consumer sentiment and uncertainty about tariffs.
- Toll Brothers — The stock added 2.8% after the homebuilder beat on both the top and bottom lines for its second quarter. Earnings came in at $3.50 per share, topping the $2.83 a share expected from analysts polled by LSEG. Revenue was $2.74 billion, versus the $2.48 billion consensus estimate.
- Palo Alto Networks — The cybersecurity company tumbled 5% after posting a gross margin for the third fiscal quarter that was lower than expected. That overshadowed an better-than-anticipated earnings report on both lines for the quarter.
Click here for the full story.
— Alex Harring
Platinum hits highest level in a year
On Wednesday, platinum’s July-dated futures hit a high of 1,070.6. This marked the metal’s highest level since May 29, 2024, when it traded as high as 1,071.9.
Platinum 1Y Chart
Platinum could continue to face substantial supply deficits in the near future, while demand for the metal remains strong through the next year.
— Gina Francolla, Lisa Kailai Han
Canada Goose soars 28% on fiscal fourth-quarter beat
GOOS 5D chart
In its fiscal fourth quarter, Canada Goose reported adjusted earnings of 33 Canadian cents, exceeding the 23 Canadian cents analysts polled by LSEG had expected. The company’s revenue of CA$384.6 million, or US$277.1 million, also beat forecasts of CA$356.4 million, or US$256.8 million.
However, Canada Goose pulled its fiscal year 2026 outlook, citing “macroeconomic uncertainty” and “dynamic consumer spending patterns brought on by the unpredictable global trade environment.”
Still, the company reiterated its confidence in its brand, solid financial position and ability to adapt to changing circumstances.
— Ali McCadden, Lisa Kailai Han
Crypto stocks climb as bitcoin hits a record high
Romain Costaseca | Afp | Getty Images
Bitcoin broke through its January high-water mark to set a new record above $109,000 on Wednesday, helping fuel a rally in crypto-related stocks.
Shares of Coinbase were up 2.7% on the day, while brokerage stock Robinhood climbed 1.5%. MARA Holdings jumped more than 4%.
Bitcoin’s high for the day is $109,500, according to Coin Metrics.
Bitcoin hit a record high on Wednesday.
— Jesse Pound
Gold paces for best week in over a month
On Wednesday, gold’s June-dated futures hit a high of 3,322.5. This marked the precious metal’s highest level since May 9, when it traded as high as 3,352.7.
Gold futures 3M chart
Target CEO says retailer has ‘many levers’ to pull to mitigate tariff impact
Target CEO Brian Cornell said the big box retailer has many levers to use in mitigating the impact from tariffs, and can use pricing as a last resort.
Those comments come after Target on Wednesday cut its full-year sales outlook, amid ongoing tariff uncertainty, as well as backlash to the company’s rollback of its diversity equity and inclusion efforts.
The stock was last down by 4.8%.
Target
— Sarah Min
Natural gas futures hit highest level since May 14
Natural gas’ June-dated futures hit a high of 3.513% on Wednesday morning.
Natural Gas 3M chart
This marked their highest level since May 14, when natural gas traded as high as 3.635%.
Similarly, the Euro TTF Natural Gas and UK Natural Gas benchmarks hit their highest levels since early April.
— Gina Francolla, Lisa Kailai Han
Stock open lower, adding to Tuesday’s losses
Palo Alto Networks, Target among stocks moving before market open
Nikesh Arora, CEO of Palo Alto Networks, looks on during the closing bell at the Nasdaq Market in New York City, U.S., March 25, 2025.
Jeenah Moon | Reuters
Check out the companies making headlines before the bell:
- Palo Alto Networks — Shares of the cybersecurity company dipped 3.7% after Palo Alto Network’s gross margin for the fiscal third quarter came out below estimates. The company still beat on earnings and revenue expectations, however.
- UnitedHealth — Shares dropped more than 6% after HSBC downgraded the health insurance giant, saying valuations are still elevated despite a recent rout.
- Target — The retailer’s stock slipped 3.5% after Target missed first-quarter revenue estimates and cut its full-year sales outlook. Executives blamed tariff uncertainty, weaker discretionary spending and backlash to the company’s rollback of key diversity, equity and inclusion efforts for its performance.
For the full list, read here.
— Pia Singh
Home construction ETF pacing for 1st positive month in 4
Homes under construction in Englewood Cliffs, New Jersey on Nov. 19th, 2024.
Adam Jeffery | CNBC
ITB 3M chart
Target cuts outlook, shares slide
A Target store in midtown Manhattan is seen in New York City, U.S., March 27, 2025.
Jeenah Moon | Reuters
Target dipped nearly 2% in the premarket after the company cut its full-year sales outlook. The retailer cited consumer uncertainty around consumer spending due to tariffs and backlash to a rollback of DEI efforts. First-quarter revenue also missed expectations.
— Fred Imbert
Lowe’s ticks higher after earnings beat
Customers shop at a Lowe’s home improvement store on Feb. 26, 2025 in Chicago, Illinois.
Scott Olson | Getty Images
Lowe’s shares were up more than 2% after the home improvement retailer posted first-quarter earnings that beat expectations. The company earned $2.92 per share, topping an LSEG estimate of $2.88 per share. Revenue of $20.93 billion was just below a consensus forecast of $20.94 billion.
LOW rises
— Fred Imbert
Stocks snap win streaks
Tuesday’s negative session ended rallies for the three major averages.
The S&P 500 and Dow snapped six- and three-day win streaks, respectively. The Nasdaq Composite notched its first negative session in three.
Read the full recap of the day’s moves here.
— Alex Harring
See the stocks moving after hours
These are some of the stocks making the biggest moves in extended trading:
- Toll Brothers — The luxury homebuilder’s shares advanced 6% after the company’s earnings topped forecasts. Toll Brothers reported earnings of $3.50 per share in the second fiscal quarter, above the consensus estimate of $2.83 per share, according to LSEG. The company posted $2.71 billion in revenue versus a $2.48 billion forecast.
- Take-Two Interactive Software — Shares slid 3% after the video game maker announced a proposed offering of $1 billion in common stock.
- Keysight Technologies — Shares climbed 5%. The electronic test equipment manufacturer reported earnings for the fiscal second quarter that came in above Wall Street consensus forecasts. Keysight posted $1.70 per share, excluding items, on revenue of $1.31 billion, while analysts polled by LSEG had penciled in $1.65 per share and $1.28 billion in revenue.
Click here for the full list.
— Alex Harring
Stock futures are little changed
Stock futures were nearly flat shortly after 6 p.m. ET Tuesday night.
Dow and S&P 500 futures each slipped 0.1%, while Nasdaq 100 futures shed 0.2%.
— Alex Harring
