10-Year Treasury Yield Drops Below 5% as Oil Jumps to $113 and Stocks Slide
Updated
Updated · CNBC · Oct 23
10-Year Treasury Yield Drops Below 5% as Oil Jumps to $113 and Stocks Slide
3 articles · Updated · CNBC · Oct 23
Summary
4.972% — the 10-year U.S. Treasury yield fell more than 17 basis points Thursday, dropping below 5% for the first time since Sept. 23 in its biggest one-day decline since March 10, 2023.
A flight to safety drove the move as investors sold stocks on doubts about AI spending, while Middle East tensions and surging crude prices lifted demand for Treasurys.
4.659% on the 2-year and 5.296% on the 30-year showed the rally spread across the curve, reversing part of this month’s surge that had pushed long-dated yields to more than two-decade highs.
$99.47 WTI and $113.17 Brent added to the risk-off mood after a New York Times report said the U.S. and Israel were considering renewed strikes on Iran after the Nov. 3 midterm elections.
Above 5%, Treasurys had started to look attractive again, but strategists said persistently high energy prices could still squeeze consumers and complicate the Federal Reserve’s next moves.