US stocks: S&P 500, Nasdaq retreat from records as oil and Treasury yields rebound
In a market retreat, the Nasdaq and S&P 500 pulled back from their record highs amid rising Treasury yields and oil prices. Investors remain cautious as they await the Federal Reserve's meeting minutes. Meanwhile, forecasts show a significant increase in energy-sector profits for the third quarter, despite noticeable declines in chip stocks, particularly for Micron Technology and Nvidia,…
The Nasdaq and S&P 500 retreated from record highs on Wednesday, as Treasury yields and oil prices surged. Investors remained cautious, awaiting the Federal Reserve's September meeting minutes. Brent crude surpassed the $100-a-barrel mark, amid Middle East supply worries. Analysts noted a profit-taking sentiment, with the market watching oil prices and yields for direction.
Chip stocks led the decline, with Micron Technology falling 2.3% and Nvidia down 0.7%. Energy and healthcare sectors gained, up 0.6% each. The Dow Jones Industrial Average fell 0.92%, the S&P 500 declined 0.56%, and the Nasdaq Composite dropped 0.85%. 30-year Treasury bond yields rose to their highest since 2002, at 5.72%, as the Fed was expected to keep rates steady but may hike rates in December.
The S&P 500's equal-weighted index was more than 5% below record highs, and the Russell 2000 small-cap index fell over 8% from its all-time high. Investors will focus on third-quarter earnings when they begin next week, with high-profile financial firms likely to report on Tuesday.
Written by urgent.news from Business Recorder's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
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