The three major U.S. averages slid for a third consecutive day, with 30-year U.S. Treasury yields hitting 19-year highs. German 30-year bund yields are at their highest level since 2011, while U.S. diesel refining margins hit a record high of $102.20 per barrel. The Fed minutes will be released on Wednesday at 2 p.m. ET, and several consumer companies will report quarterly earnings, including Target, Lowe’s and Estee Lauder. The technology sector particularly suffered, with the VanEck Semiconductor ETF (SMH) dropping 4.1% and the iShares MSCI USA Momentum Factor ETF (MTUM) down 10% from its June 22 high. Several high-yield bond ETFs are showing elevated yields, ranging from 4.68% for FCOR to approximately 9% for KHYB.
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