The major averages fell sharply Tuesday as government bond yields hit Covid-era highs and after Goldman Sachs reported disappointing earnings.
The Dow Jones Industrial Average slipped 543.34 points, or 1.5%, to close at 35,368.47. The S&P 500 fell 1.8% to 4,577.11, and the Nasdaq Composite declined 2.6% to 14,506.90, hitting its lowest level in three months.
The technology-focused Nasdaq sits more than 10% from its most recent high and closed below its 200-day moving average for the first time since April 2020. The small-cap benchmark Russell 2000 slid nearly 3.1%.
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Government agricultural forecasters said they expect the smallest Florida orange crop since World War II, touching off a rally in juice futures that were already at their highest level in years because of the pandemic. The U.S. Agriculture Department said last week that it expects Florida to produce 44.5 million 90-pound boxes of oranges this year, trimming its already low expectations and predicting that the crop will wind up smaller than the one that was ruined by 2017’s Hurricane Irma. If the forecast is accurate, it will be the smallest harvest since 1945. The big culprit this time around, the Florida Department of Citrus said, is citrus greening, an incurable disease that thins the crowns of trees and saps their vitality. Spread by invasive tree lice, greening has plagued Florida’s groves since it was first detected there in 2005. In a report on Wednesday, the Agriculture Department said a lot more oranges than usual are on the ground, and the fruit that is being harvested is unusually small. FLORIDA HOMES AT CENTER OF BALTIMORE PROSECUTOR MOSBY’S ALLEGED CRIMES The Oviedo Florida Chuluota orange groves in the sunshine (Education Images/Universal Images Group via Getty Images / Getty Images)Frozen concentrated orange-juice futures ended Friday at about $1.50 a pound, up roughly 50% since the pandemic began. Futures jumped 5.1% on Thursday, after the Agriculture Department cut its expectations for the current crop. …