(For a Reuters live blog on U.S., UK and European stock markets, click LIVE\/ or type LIVE\/ in a news window.)<\/p>\n
* Crypto-related stocks take a hit as digital coins tumble<\/p>\n
* U.S. 10-year Treasury yield falls<\/p>\n
* Minutes from Fed's April meeting due at 2 p.m. ET<\/p>\n
* Indexes down: Dow 1.22%, S&P 1.07%, Nasdaq 0.87% (Adds comment, details; updates prices)<\/p>\n
By Medha Singh and Shashank Nayar<\/p>\n
May 19 (Reuters) - Wall Street's main indexes fell for the third straight session on Wednesday, as a steep fall in cryptocurrencies and fears over inflation pushed investors away from riskier assets.<\/p>\n
Bitcoin and ether were on track to post their largest one-day loss since March last year, in the wake of China's move to ban financial and payment institutions from providing cryptocurrency services.<\/p>\n
Crypto-exchange operator Coinbase Global fell 5.6%, bitcoin bank Silvergate Capital Corp shed 3.0% and miners Riot Blockchain and Marathon Digital Holdings were down 7.5% and 9.0%, respectively.<\/p>\n
Tesla Inc, which has invested in the digital currency, dropped 4.2%, while payments companies Mastercard , Square and PayPal that accept crypto payments fell between 0.6% and 3.2%.<\/p>\n
\"Today is going to be all about the fall of cryptocurrencies and the crash has definitely had a spill over effect into equity markets, which are already burdened with inflation worries,\" said Dennis Dick, head of markets structure, proprietary trader at Bright Trading LLC in Las Vegas.<\/p>\n
\"We have seen a flight into commodities and other asset classes from equities as investors look to hide from inflationary effects, but now most assets are crowded and the Fed is handcuffed as a tighter policy would mean most of the cash might disappear from markets.\"<\/p>\n
Investors will also focus on minutes from the Fed's April policy meeting, where it stood pat on interest rates. The statement is due to be issued at 2 p.m. ET (1800 GMT).<\/p>\n
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Strong inflation readings and signs of a worker shortage in recent weeks have fueled fears of inflation and roiled stock markets despite reassurances from Fed officials that the rise in prices would be temporary.<\/p>\n
All 11 major S&P sectors dropped, with financials and materials leading declines. The CBOE volatility index, a measure of investor anxiety, jumped 2.5 points to 23.82.<\/p>\n
Wall Street's main indexes fell in a late-session selloff on Tuesday as weak housing starts data overshadowed better-than-expected earnings from Walmart and Home Depot.<\/p>\n
Stimulus checks helped U.S. home improvement chain Lowe's Companies Inc report better-than-expected quarterly same-store sales growth and Target Corp post a surge in sales.<\/p>\n
Shares of Lowe's fell 2.3% and Target rose 4.7%.<\/p>\n
At 11:48 a.m. ET, the Dow Jones Industrial Average was down 414.91 points, or 1.22%, at 33,645.75, the S&P 500 was down 44.22 points, or 1.07%, at 4,083.61, and the Nasdaq Composite was down 115.69 points, or 0.87%, at 13,187.95.<\/p>\n
The yield on 10-year Treasury notes fell after touching a one-week high earlier in the session.<\/p>\n
Take-Two Interactive Software Inc rose 5.2% after reporting quarterly profit and sales above analysts' estimates.<\/p>\n
Declining issues outnumbered advancers for a 4.21-to-1 ratio on the NYSE and for a 2.84-to-1 ratio on the Nasdaq.<\/p>\n
The S&P index recorded two new 52-week highs and no new low, while the Nasdaq recorded 12 new highs and 35 new lows. (Reporting by Medha Singh in Bengaluru; Editing by Saumyadeb Chakrabarty and Maju Samuel)<\/p>\n
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US STOCKS-Wall Street falls for third day on inflation jitters, crypto plunge - Yahoo Finance<\/a><\/p>\n","protected":false},"excerpt":{"rendered":" (For a Reuters live blog on U.S., UK and European stock markets, click LIVE\/ or type LIVE\/ in a news window.) * Crypto-related stocks take a hit as digital coins tumble * U.S. 10-year Treasury yield falls * Minutes from Fed's April meeting due at 2 p.m Continue reading