Sysco Corp (SYY)

Shares of Sysco (SYY) dropped by 3.72% from $68.79 to $66.23 in the trading on Tuesday, September 26, 2023. The reason why SYY is down today is due to the broader market trend. On the same day, U.S. stock markets experienced a notable decrease, driven by rising bond yields and a decline in consumer confidence for the second consecutive month in September.

• Consumer Confidence decline: Measured by the Conference Board's monthly survey, the index hit a four-month low in September. The Consumer Confidence Index dropped to 103 from its revised August level of 108.7, surpassing economists' expectations with a larger decline.
• Rising bond yields: The 10-year U.S. Treasury note yield had been fluctuating, settling at a 16-year high above 4.5% on Monday and rising further on Tuesday. Rising yields had raised concerns about their potential impact on the economy by increasing borrowing costs for both businesses and consumers.