A 10% drop is a big enough deal that professional investors have a name for it — a “correction” — and the S&P 500’s 1.4% slide on Thursday sent the index to its first si

In the bond market, Treasury yields lost an early gain to sink lower. The yield on the 10-year Treasury fell to 4.26% from 4.32%. The yield has been mostly dropping since January, when it was approaching 4.80%, as traders and economists have ratcheted back their expectations for U.S. economic growth.

Elon Musk, head of the Department of Government Efficiency (DOGE), was tasked with reducing US federal spending. However, despite plans for cuts, spending rose to a record $603 (€554) billion, according to The Financial Times.

Elon Musk, leading the Department of Government Efficiency (DOGE), was tasked with reducing U.S. federal spending. Despite plans for cuts, spending rose to a record $603 billion, according to the news service The Financial Times.