Wall Street ends down as oil prices, Treasury yields rise
Nine of the 11 S&P 500 sector indexes declined, led lower by utilities, down 1.72%, followed by a 1.49% loss in communication services.
Wall Street closed in the red on Wednesday, with the S&P 500 and Nasdaq both experiencing declines. The primary factors driving the drop were rising Treasury yields and Iran's President Masoud Pezeshkian's speech at the UN, in which he stated that Tehran would not yield to US pressure. Oil prices surged by nearly 4%, propelling the S&P 500 energy sector index to a record high after the Iranian President's address.
Following President Donald Trump's warning that the United States could "annihilate" Iran, the market grew more uncertain. A survey revealed that US business activity reached a five-year high in September, causing government bond yields to increase and raising expectations for additional Federal Reserve interest rate hikes during their October meeting.
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- Wall Street ends down as oil prices, Treasury yields rise freemalaysiatoday.com
- Wall Street ends down as oil prices, Treasury yields rise straitstimes.com
