Treasury Yields Reach 24-Year Highs, Telecom Stocks Sell Off: This Week On Wall Street

Here's Another Group of Stocks Getting Hammered by Soaring Yields

Rising bond yields are severely impacting bank stocks, with the KBW Nasdaq Bank index down 9.7% over the past month. Soaring yields squeeze bank profitability through reduced net interest margins, increased deposit competition from Treasury bills, depressed loan demand, and declining bond portfolio values. Major banks including Bank of America, Goldman Sachs, and Morgan Stanley have experienced double-digit percentage declines. The author recommends caution on bank stocks until yields stabilize.

TD Cowen Reinstates Hold on Bank of America, Announces $60 Price Target

9 Of 11 Sectors Fall Wednesday As Defensives Lead

Two of 11 sectors are higher in Wednesday's regular session, with defensive sectors holding the top three positions. The leaders are separated rather than clustered, with Health Care and Consumer Staples above the rest of the table.

Stock Market Today: Nasdaq 100 Rebounds From OpenAI Scare, T-Mobile Tumbles 12%

The Nasdaq 100 recovers from Thursday's OpenAI-driven selloff while T-Mobile sinks 12% on SpaceX's spectrum deal and the 10-year yield holds near 5.26%.

Crown Castle Stock Jumping as SpaceX Acquires 800 MHz Spectrum

Crown Castle shares pop with wireless tower and infrastructure stocks after SpaceX agreed to buy a nationwide block of wireless spectrum.

SpaceX Just Spooked Verizon. The Sneaky Winners May Be America's Cell-Tower Owners

SpaceX's wireless expansion pressures Verizon but could benefit American Tower, Crown Castle and SBA Communications.