US stocks: S&P 500 ends down as Treasury yields rise and traders fret about inflation

The S&P 500 closed down on Thursday, September 10, as rising Treasury yields and concerns over inflation weighed on investors. Producer price data for August and surging oil prices fueled fears that the Federal Reserve would hike interest rates next week. Heavyweight chipmakers, such as Nvidia and Micron Technology, saw their stocks drop, contributing to the S&P 500's decline.

Apple, meanwhile, rose 3.6 percent after launching a high-end iPhone. Adverse geopolitical tensions, including the US-Israeli war in Iran, led to a 6 percent increase in Brent crude prices to $107 per barrel. Treasury yields rose to their highest levels in nearly three years for the 10-year note, and more than 19 years for the 30-year note.

Ross Mayfield, an analyst at Baird, explained that higher yields negatively impact the equity market by lowering valuations and increasing the cost of business operations and consumer spending. The S&P 500 fell 0.58 percent to 7,591.75 points, while the Nasdaq fell 0.65 percent to 26,081.73 points and the Dow Jones Industrial Average fell 0.6 percent to 52,064.10 points.

The S&P 500 has lost 2 percent over the past four sessions, marking its deepest four-day loss since June. The S&P 500 now trades at 19 times expected earnings, its lowest level since April 2025.