Dow Drops as Treasury Yields Surge Ahead of Fed Report
TL;DR Summary
U.S. stock futures dropped as investors awaited the Federal Reserve's Beige Book report on economic conditions. The Dow Jones fell 0.9%, the S&P 500 dropped 0.7%, and the Nasdaq declined 0.5%. Nvidia shares fell from record highs, while Robinhood stock rose nearly 1% after announcing a $1 billion share buyback. Key earnings movers included Abercrombie & Fitch, Cava, Chewy, and Dick's Sporting Goods. American Airlines shares plummeted over 12% after cutting its profit forecast. ConocoPhillips announced a $22.5 billion all-stock deal to buy Marathon Oil.
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