S&P 500 Falls 0.4% as Oil Tops $88 and Treasury Yields Hit 2025 High
Updated
Updated · CNBC · Aug 31
S&P 500 Falls 0.4% as Oil Tops $88 and Treasury Yields Hit 2025 High
3 articles · Updated · CNBC · Aug 31
Summary
U.S. stocks opened September lower, with the Nasdaq down 0.8% and the Dow off 38 points, as tech shares led the retreat before indexes trimmed deeper losses later in the session.
U.S. 10-year Treasury yields climbed to their highest since January 2025 while Japan's 10-year hit a 1996 high and Germany's benchmark reached a 2011 high, stoking fears the Fed could tighten later this month.
Oil added to the inflation pressure: U.S. crude rose 3% above $88 a barrel and Brent traded around $92 as traders weighed renewed U.S.-Iran fighting and a tanker strike in the Strait of Hormuz.
Nvidia, AMD and Micron each fell about 2%, with Microsoft and Alphabet down more than 1%, underscoring how rate-sensitive tech bore the brunt of the market's risk-off mood.
September's weak seasonal record and Goldman Sachs' warning of broad investor nervousness reinforced concern that higher energy costs and yields could keep pressure on equities.