U.S. stocks fell Wednesday as traders fretted over another move higher in Treasury yields and monitored the progress on a new U.S. budget bill.
The Dow Jones Industrial Average lost 362 points, or 0.9%. The S&P 500 shed 0.6%, and the Nasdaq Composite pulled back 0.7%.
The 30-year Treasury bond yield moved back above 5% on Wednesday, while the benchmark 10-year Treasury note yield traded over 4.53%. Yields moved above those key levels earlier in the week after Moody’s downgraded U.S. bonds late Friday.
D-Wave Quantum shares jumped another 4% in morning trading. The shares surged 25.9% on Tuesday after the company unveiled its newest quantum computer, which it claims is capable of solving problems beyond the capabilities of a classical GPU-based supercomputer.
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