Wall Street ends lower, off record highs, as Treasury yields climb
All three major US stock indices were modestly lower
On Wednesday, October 7, Wall Street saw a drop in three major US stock indices amid rising long-dated US Treasury yields. The S&P 500 and Dow Jones Industrial Average ended their four-day winning streak, while the Nasdaq Composite saw its first down day in six. The Russell 2000 Index underperformed its larger-cap counterparts, with a 1.3 percent drop.
Brent crude settled above $100 per barrel, and 30-year Treasury yields touched a 24-year high. The concerns of soaring oil prices, inflation, and mounting debt caused a global bond sell-off, rattling markets worldwide. Thomas Martin, a portfolio manager, stated that investors were looking for oil relief, which would reduce rates and help the stock market.
However, the S&P 500 and Nasdaq fell 0.66 percent and 0.22 percent, respectively, while the Dow Jones Industrial Average dropped 0.66 percent to 51,180.17.
Written by urgent.news from The Business Times - Companies & Markets's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
Also reported by 4 other outlets
- Wall Street ends lower after record highs as Treasury yields climb freemalaysiatoday.com
- Wall Street ends lower, off record highs, as Treasury yields climb straitstimes.com
- ASX set to slide, Wall Street retreats as bond yields, oil prices rebound theage.com.au
- ASX set to slide, Wall Street retreats as bond yields, oil prices rebound smh.com.au
