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Marble Cake

  Moist, buttery, and swirled with vanilla and chocolate—this marble cake is a timeless treat everyone loves. INGREDIENTS For the Cake ½ cup natural cocoa powder, such as Hershey's 2½ cups sugar, divided ½ cup water 4 oz semi-sweet chocolate, best quality such as Ghirardelli, broken into 1-in pieces 1 cup buttermilk (see note) 4 large eggs 2 teaspoons vanilla extract 3 cups all-purpose flour, spooned into measuring cup and leveled-off 1 teaspoon baking powder ½ teaspoon baking soda ¾ teaspoon salt 1 cup (2 sticks) unsalted butter, softened For the Glaze 5 tablespoons unsalted butter ¾ cup sugar ¼ cup water 2 teaspoons vanilla extract INSTRUCTIONS For the Cake Preheat the oven to 325°F and set an oven rack in the middle position. Spray a 10-in (12-cup) Bundt pan generously with nonstick cooking spray with flour, such as Baker's Joy or Pam with Flour. In a small saucepan, combine the cocoa powder, ½ cup of the sugar, and the water. Bring to a simmer over high heat, whisking until...
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Stock Market Today: Rising Treasury Yields Spook Investors

         

In today’s volatile stock market, rising Treasury yields have sent shockwaves through the financial world. As investors grapple with the implications of higher interest rates, major US indexes are facing a downward slide.

Key Points:

  • The S&P 500 (^GSPC) fell by 0.7%, while the Dow Jones Industrial Average (^DJI) drifted about 0.9% lower, shedding nearly 350 points.
  • The Nasdaq Composite (^IXIC) also slid more than 0.7%.
  • The yield on five-year Treasurys rose to near four-week highs on Tuesday, while the 10-year yield (^TNX) topped the key 4.5% level.
  • Investors are concerned that the Federal Reserve will keep rates higher for longer, impacting stock valuations.
  • These worries seem to overshadow the hopes for AI growth that recently lifted the Nasdaq to a record high following Nvidia’s post-earnings rally.

What’s Driving the Yields?

  • A government debt auction flopped, leading to a jump in US bond yields.
  • The release of the Fed’s Beige Book later today could provide more insight ahead of Friday’s reading on PCE, the central bank’s preferred inflation gauge.

American Airlines Slashes Earnings Outlook

  • American Airlines (AAL) stock plummeted more than 15% as the airline carrier cut its earnings per share guidance for the current quarter.
  • The company cited higher domestic competition and a loss of corporate share as reasons for the downward revision.
  • Despite robust demand in the airlines industry, American Airlines faces headwinds due to the spike in Treasury yields.

Market Outlook:

  • The rate-sensitive Nasdaq Composite ended the session down 1.6%, while the S&P 500 gave back 1.3%.
  • Yields on the 2-year and 10-year Treasury bonds hit their highest levels since 2006 and 2007, respectively.

Investors are closely monitoring the situation, trying to decipher the impact on Fed policy-making. As the market grapples with uncertainty, it’s clear that rising yields are a major concern. 

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