US Stocks Fall as 30-Year Treasury Yield Hits 5.70% and Brent Holds Above $100
Updated
Updated · Yahoo Finance · Oct 7
US Stocks Fall as 30-Year Treasury Yield Hits 5.70% and Brent Holds Above $100
3 articles · Updated · Yahoo Finance · Oct 7
Summary
The Dow fell 0.9%, the S&P 500 0.5%, and the Nasdaq 0.7% on Wednesday morning, pulling back a day after the S&P 500 and Nasdaq closed at record highs.
A 5.70% 30-year Treasury yield — the highest since 2002 — and Brent crude above $100 a barrel pressured equities as investors waited for minutes from the Fed's September rate-hike meeting.
Fed minutes due later Wednesday are expected to signal whether September's increase was a one-off or the start of further tightening; traders had priced about 20% odds of another hike at next week's meeting.
The selloff also underscored how narrow the recent rally has been, with Nvidia, Apple and Microsoft making up roughly one-fifth of the S&P 500.