Stocks end down on interest rate fears, earnings; Dow -1.7%

A street scene in Tokyo earlier this year

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Sectors posting the biggest losses included technology (2 percent), materials (2.69 percent) and industrial (2.82 percent) stocks.

Market favorites including Alphabet and Amazon dropped Tuesday, and heavy equipment maker Caterpillar sank 6.2 percent after warning of weaker profits.

In Asia, share markets were trading lower on Wednesday in morning session, following an overnight drop in USA stocks.

The Dow Jones Industrial Average marked its longest losing streak in a year, as stocks ended the session sharply lower on Tuesday on the back of higher Treasury yields. It was down as much as 619 earlier. The S&P 500 dropped 35.73 points, or 1.34%, to 2,634.56. The tech-focused Nasdaq Composite Index was down 1.7%, marking its worst daily drop since April 6.

The rate increase is partly a response to swelling government debt and to rising commodity prices, including oil, which puts upward pressure on inflation, says Brad McMillan, the chief investment officer at Commonwealth Financial Network.

Mining company Freeport-McMoRan plunged 16 percent.

Restaurant Brands International Inc rose 4.3 per cent to C$72.04 after the company reported first-quarter profit that topped estimates. The yield on the 10-year Treasury note rose to 2.99 percent from 2.98 percent. DowDuPont shed 3.7 percent to $63.1.

US stocks slid Tuesday amid disappointing first-quarter earnings reports from industrial giants like Caterpillar and 3M, and from tech companies like Alphabet, the parent company of Google. The note is considered an important benchmark for other rates such as mortgages. Verizon, Harley-Davidson and Fifth Third Bancorp all rose. Hong Kong's Hang Seng was down 1.1 percent to 30,298.60, and the Shanghai Composite shed 0.7 percent to 3,108.01. The higher 10-year yield suggests inflation may be finally headed toward the Fed's target. It's been climbing because investors expect higher economic growth and inflation.

Stocks moved broadly higher in early trading Tuesday as a handful of solid company earnings reports put investors in a buying mood.

Japan's Nikkei 225 fell 0.5% while the Topix index was down 0.47%. Silver climbed 0.7 percent to $16.70 an ounce. The Nasdaq increased 11 points, or 0.2 percent, to 7,139. Southeast Asian shares were also mostly lower.

US stocks slid on Tuesday as 10-year Treasury yields hit the highly anticipated 3 per cent mark for the first time in four years, stoking concerns over higher borrowing rates for companies already facing rising costs, and as quarterly results failed to deliver positive outlooks.

The largest percentage gainer on the TSX was Mitel Networks Corp, which rose 9.6 per cent.

The Dow Jones industrial average climbed 71 points, or 0.3 percent, to 24,523.

Gold rose 0.7 percent to $1,333 an ounce. YIELDS QUESTION: Bond prices slipped again Tuesday.

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