Stock market loses ground, with tech and consumer staples leading the skid

Rising yields, however, were seen providing a lift for bank stocks. The biggest loser was consumer staples, which slumped 3.5% following weak results from tobacco giant Philip Morris, as well as an acquisition by Procter & Gamble. First-quarter earnings reports have grabbed investors’ attention this week, with Netflix Inc.(NFLX), Goldman Sachs Group Inc.(GS)and UnitedHealth Group Inc.(UNH)among the companies that have posted encouraging results.

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