Power Breakfast: Stocks Close Lower, Nasdaq Drops A Second Day As Higher Yields Press Tech Names

U.S. stocks were mixed on Wednesday. The Dow slipped 40 points amid trading in a range of 250 points. Actually, the mood of the market deteriorated due to the rising bond yield. The 2-year bond yield jumped above 4%. Nasdaq fell 0.5% due to weakness in IT stocks for the second day. The Consumer Confidence Index increased from 101 to 104.2. According to the data, the US Federal reserve may increase the rates further. Alibaba will be divided into 6 parts, due to which the company's stock jumped 14%.