WALL ST SLIDES AS TREASURY YIELDS HURT MEGACAPS AFTER RETAIL SALES DATA

Wall Street's main indexes dropped on Wednesday, as megacaps took a hit on rising Treasury yields, after a higher-than-anticipated rise in December U.S. retail sales tempered hopes of early interest-rate cuts from the Federal Reserve this year. The benchmark S&P 500 (.SPX), opens new tab fell to an over one-week low, while the blue-chip Dow (.DJI), opens new tab dropped to a near one-month low. Megacaps including Apple (AAPL.O), opens new tab,

Alphabet (GOOGL.O), opens new tab, Amazon.com (AMZN.O), opens new tab and Meta Platforms (META.O), opens new tab lost between 1.3% and 2.2%, as the 10-year Treasury yield rose to over 4%.

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