US Stocks Sink as Oil Tops $100 and 10-Year Yield Hits 4.84%
Updated
Updated · Yahoo Finance · Sep 9
US Stocks Sink as Oil Tops $100 and 10-Year Yield Hits 4.84%
3 articles · Updated · Yahoo Finance · Sep 9
Summary
Dow and Nasdaq each fell 0.7% on Wednesday, while the S&P 500 lost 0.5%, extending Tuesday's selloff as investors dumped risk assets.
Brent crude climbed to $101 a barrel and WTI to $96 after US-Iran fighting intensified and the US struck five Iranian oil tankers, stoking fears of prolonged Strait of Hormuz supply disruption.
The 10-year Treasury yield rose 4 basis points to 4.84%—its highest since October 2023—after Treasury Secretary Scott Bessent said the Treasury plans to triple its next bond buyback program.
Higher oil and yields also hardened rate expectations, with traders pricing a 60% chance of a 25 basis point Fed hike next week as inflation worries overshadowed a light earnings calendar.