Stock Market Today: Stocks Reverse Lower as Treasury Yields Spike
A good-news-is-bad-news retail sales report lowered rate-cut expectations and caused government bond yields to surge.


Stocks opened higher Monday as bargain hunters swooped in and market participants cheered a solid retail sales report. The buying power ran out of steam around lunchtime, though, with the main benchmarks closing in negative territory.
The Nasdaq Composite logged a third straight weekly loss last Friday, while the S&P 500 and the Dow Jones Industrial Average each finished lower for a second consecutive week.
This likely had several investors buying the dip to start the new week, while some seemingly encouraging economic data also boosted sentiment early on. Specifically, the Census Bureau said retail sales rose 0.7% in March vs the prior month, outpacing economists' expectations for a 0.3% increase. Core retail sales, which exclude automobiles, also came in above forecasts.

Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
"Strong employment growth has continued to propel consumer demand during the first quarter of the year with retail and food services sales surprising to the upside once again," says Eugenio Alemán, chief economist at Raymond James. "The strength in consumer demand also gives credence to the strong inflation reading during the first quarter of the year, which is not good news for the Federal Reserve and for interest rates going forward."
Indeed, futures traders are now pricing in 41% chance the first quarter-point rate cut will come in July – down from 50% one week ago – according to CME Group's FedWatch Tool.
As a result, Treasury yields spiked and stocks reversed course. At the close, the Nasdaq was down 1.8% at 15,885 and the S&P 500 was 1.2% lower at 5,061.
Informatica buyout buzz sinks Salesforce
The Dow, meanwhile, closed down 0.7% at 37,735 as Salesforce (CRM) plunged 7.3%. This easily made the software-as-a-service (SaaS) firm today's worst-performing Dow Jones stock. Sparking the selloff was news that Salesforce is in late-stage talks to buy Informatica (INFA, -6.5%), an artificial intelligence-powered data management platform.
While no specific dollar amount for the deal has been reported, The Wall Street Journal suggests it is below the $38.48 per-share price INFA closed at on Friday, April 13. It also notes that the buyout would be the biggest for Salesforce since its nearly $28 billion acquisition of Slack in 2021.
However, the Dow's losses were contained thanks to Goldman Sachs (GS), which climbed 2.9% on a better-than-expected first-quarter earnings report.
Tesla drops on layoff news
Tesla (TSLA) was another big mover today, sinking 5.6% on news the electric vehicle maker will cut roughly 10% of its global workforce. Additionally, two top executives – Rohan Patel and Drew Baglino – announced they were leaving the company.
Related content
Get Kiplinger Today newsletter — free
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Could a Golden Visa Be Your Ticket to Retiring Abroad?
Trump and DOGE are weighing a U.S. "Gold Card" that would let the wealthy emigrate to the U.S. for a fee. But golden visas have been around for years worldwide. Here's how they work.
-
Running Out of Money in Retirement: Nine Steps to Reduce the Risk
Quit worrying about money and enjoy a carefree retirement. Sounds good, right? Well, if you follow these nine steps from a financial adviser, you could be on your way to that goal.
-
Running Out of Money in Retirement: Nine Steps to Reduce the Risk
Quit worrying about money and enjoy a carefree retirement. Sounds good, right? Well, if you follow these nine steps from a financial adviser, you could be on your way to that goal.
-
I'm a Financial Planner: Here Are Five Lesser-Known Ways to Avoid Estate Tax
The clock is ticking on the estate and gift tax provisions in the Tax Cuts and Jobs Act, so the sooner you act on removing assets from your estate, the better.
-
Is a Silent Wealth Killer Stalking Your Retirement?
Poor tax planning can drain your retirement of tens or even hundreds of thousands. Stop the bleeding with a laser focus on tax efficiency.
-
Put Time on Your Side With This Simple Retirement Strategy
A financial professional recommends thinking in terms of three financial stages — active years, slower-paced years and later years — assigning each one a unique bucket of investments.
-
Stock Market Today: Investors Weigh Weekend Negotiations
Investors, traders and speculators will look to Switzerland for answers about the most compelling issue confronting global markets.
-
NOBL: An ETF For Dividend Aristocrats
The S&P 500 Dividend Aristocrats index consists of companies that have increased dividends for at least 25 consecutive years — and only one U.S. fund tracks it.
-
Five Opportunities if You're in the 2% Club in Retirement
If you're among the 2% of the population with both a pension and $1 million or more saved, you're in a unique yet complex position as you approach retirement.
-
I'm an Insurance Expert: This Is How You Get the Right Insurance Coverage at the Right Price
First, you have to know what you want and ask the right questions of the right professional. This insurance pro explains exactly how to do that.