Stock Market Dips, Yields Reach 4-Month High

The stock market experienced modest declines at midday, with small caps and the IBD 50 falling nearly 1%, while the S&P 500 and Nasdaq composite edged lower by 0.1% and the Dow Jones Industrial Average fell 0.2%. The Federal Reserve is set to release minutes from its June meeting, which may shed light on future interest rate hikes. May factory orders rose 0.9%, exceeding expectations. The 10-year Treasury yield reached a four-month high of 3.91%. In other news, Meta Platforms climbed over 3%, UPS faced labor negotiation challenges, and Rivian Automotive rose 2%. Chinese stock markets also fell due to slowing economic activity.