US stock indices closed mostly lower on Tuesday, weighed down by another rise in Treasury yields to fresh multiyear highs. The S&P 500 fell 0.2%, and the Dow shed 130 points, while the Nasdaq rose 0.2%. Elevated oil prices and yields continued to pressure equities, with the 10-year yield trading near levels not seen since 2007 and the 30-year yield hovering around a 2004 high. Inflationary pressures from elevated crude and fuel prices, along with concerns over fiscal deficits, drove the bond selloff. New York Fed President Williams said another interest rate hike could be necessary this year. Bank stocks moved lower, with Bank of America down 0.9%. AI hyperscalers and chipmakers, both facing record levels of debt issuance, traded mixed. Alphabet fell 0.5% and Nvidia lost 0.7%, while Meta gained 3.2%, Oracle jumped 4%, Broadcom added 1.6% and Micron rose 1%, as the planned Anthropic IPO lent some support to the tech sectors. The IPO could value Anthropic at over $2 trillion.
TREASURIES – US 2 – year yield turns lower on dovish Fed comments
08:19:42 PM UTC
SquawkNews
Stocks end modestly lower; S&P 500 loses 0.17% Energy is the weakest S&P 500 sector; utilities lead gainers Dollar rallies ~0.3%; gold gains ~1.5%; bitcoin ~flat; US crude down ~4% US 10-year Treasury yield rises to ~5.25% Welcome to the home for real-time coverage of markets brought to you reporters. You can share your thoughts with us at Us Stocks Dip As Treasury Yields Hit Multi-year Highs The main US indexes finished modestly lower on Tuesday as longer-dated Treasury yields continued to climb, though AI-linked stocks bucked the trend, gaining on optimism about Anthropic's plan to go public. The yield on the benchmark 10-year Treasury note climbed to 5.278%, near its highest level since 2007, while the 30-year yield hit its highest mark since 2002. The move came despite falling oil prices, with investors remaining concerned that energy-driven inflation could push the Federal Reserve to raise rates more aggressively than previously expected. The Dow Jones Industrial Average fell 0.26%, the S&P 500 dipped 0.17% and the Nasdaq Composite edged down 0.09%. Chipmakers helped offset broader market declines, recovering some ground after the previous session's steep selloff. The Philadelphia Semiconductor Index climbed 1.3%. Meanwhile, interest-rate-sensitive 2-year Treasury yields fell as traders pared back bets on an October Fed hike. New York Fed President John Williams said Tuesday that the central bank has time to weigh incoming data before deciding on its next move. Traders are now pricing in 49% odds of a rate hike at the Fed's October 27—28 meeting, down from nearly 70% earlier in the day. Here is the market snapshot for Tuesday’s close: (Karen Brettell) *** Earlier On Live Markets: Are Credit Investors Watching The Wrong Signal? Click Here Wall Street's Ai Math Doesn't Add Up Click Here Dig Into Tuesday's Data: Jolts, Consumer Confidence, Home Prices Click Here Wfii Sees Persistent Inflation Requiring More Forceful Fed Response Click Here Oil Eases, But Us Stocks Struggle To Find A Lift Click Here Oil's Rally Losing Some Steam? Click Here Can The Ai Boom Fix The Us Budget Problem? Click Here Space Stocks: Plenty Of Believers, Fewer Buyers Click Here WHAT IS IT...BACK TO THE 70s OR TO PRE-WORLD WAR ONE? CLICK HERE Tech Props Up The Stoxx, Construction Drags Click Here Before The Bell: Rising Yields Keep Europe On Edge, French Operators Fall Click Here Our Products Could End All Human Life, Buy Our Shares Click Here Monitor
US stock indices closed mostly lower on Tuesday, weighed down by another rise in Treasury yields to fresh multiyear highs. 2%. Elevated oil prices and yields continued to pressure equities, with the 10-year yield trading near levels not seen since 2007 and the 30-year yield hovering around a 2004 high. Inflationary pressures from elevated crude and fuel prices, along with concerns over fiscal deficits, drove the bond selloff.
New York Fed President Williams said another interest rate hike could be necessary this year. 9%. AI hyperscalers and chipmakers, both facing record levels of debt issuance, traded mixed. 6% and Micron rose 1%, as the planned Anthropic IPO lent some support to the tech sectors.
The IPO could value Anthropic at over $2 trillion.