Financial Review

….Ten-year Treasury note tops 3%. Stocks fall. Earnings disappoint. Cat sees problems with tariffs hitting pricing.  FANGs give up market cap. Apple down on weak demand. 3M can’t stick. Home prices up faster than wages. Financial Review by Sinclair Noe for 04-24-2018 DOW – 424 = 24,024 SPX – 35 = 2634 NAS – 121 = 7007 RUT – 8 = 1553 10 Y + .03 = 3.00% OIL – .92 = 67.72 GOLD + 5.60 = 1330.80   The 10-year Treasury yield finally reached 3 percent, a milestone that bond traders were eyeing for months. We knew 3% was coming. The Federal Reserve has telegraphed that rates would move higher and then followed the messaging with gradual, incremental action. Rates are rising, but perhaps not in a hurry. JPMorgan Chase estimates the 10-year yield will end 2018 at 3.15 percent. Goldman Sachs, which has been one of the more aggressive in calling for Federal Reserve rate hikes, reiterated its 3.25 percent year-end call this week. Wall Street sees that rates are rising, but slowly. So, why did 3% spark a selloff? What was