Stock Market Today: S&P 500, Russell 2000 Fall as 30-Year Yield Hits 5.7%
U.S. stocks slipped by midday Wednesday as a sharp selloff in industrials weighed on the Dow Jones and small caps, while healthcare provided a rare pocket of strength. The S&P 500 fell 0.4% to 7,788, while the Dow Jones Industrial Average dropped 0.9%, or 465 points, to 51,056. The Dow was weighed down by Caterpillar Inc. (NYSE: CAT ), which sank 6.3% to about $809. The Nasdaq 100 slipped 0.4% to 31,098. The Russell 2000 underperformed, shedding 1.4% to 2,792. Treasury yields continued to rise. The 10-year bond yield rose about 5 basis points to 5.32%, its highest since 2002, while the 30-year yield gained about 5 basis points to 5.70%, a fresh 24-year high. The next big test comes with September CPI on Oct. 14, after August inflation ran at 3.4% year over year. A hot print could quickly revive hike expectations, with Treasury yields already elevated. Currently, the probability of a hike at the Oct. 28 meeting stands at 19.4%, down from 51% a week earlier, according to CME FedWatch figure. Markets still price roughly 70% odds of a quarter-point increase on Dec. 9. Energy remained in focus, with Brent crude holding above $100 a barrel. West Texas Intermediate crude rose 0.4% to abou
S. stocks slipped by midday Wednesday as a sharp selloff in industrials weighed on the Dow Jones and small caps, while healthcare provided a rare pocket of strength. 9%, or 465 points, to 51,056. The Dow was weighed down by Caterpillar Inc.
3% to about $809. 4% to 31,098. 4% to 2,792. Treasury yields continued to rise.
70%, a fresh 24-year high. The next big test comes with September CPI on Oct. 4% year over year. A hot print could quickly revive hike expectations, with Treasury yields already elevated.
Currently, the probability of a hike at the Oct. 4%, down from 51% a week earlier, according to CME FedWatch figure. Markets still price roughly 70% odds of a quarter-point increase on Dec. 9.
Energy remained in focus, with Brent crude holding above $100 a barrel. 17. Gold retreated toward $4,135 an ounce. 5%.
Gold remains roughly 5% lower over the past month, so the move comes well below recent levels rather than near a record. Silver fell with gold. 5%, with spot silver near $60 an ounce and down about 8% over the past month. 9% over 24 hours to about $83,400 after a 24-hour high near $85,900.
7%. 4%. 9%. 4%.
4%. Industrials Crack, Healthcare Stands Alone Health care was the standout as investors flocked to defensive sectors. 7%. 1%.
3%. 5% lower. 8%. 4%.
Among Russell 1000 gainers, Summit Therapeutics Inc. 0% advance, extending a week of deal news in which AstraZeneca completed a $2 billion equity investment in the company and the two sides agreed to study ivonescimab in combination with Datroway. Eli Lilly and Co. 9% as Morgan Stanley maintained its Overweight rating, with investors also digesting Lilly's $870 million deal with Gate.
The gain came even as a pharma lobby group sued the Trump administration over most-favored-nation drug pricing. ResMed Inc. 5%. Hewlett Packard Enterprise Co.
4% to a record high after launching ProLiant Gen13 servers built on 6th-generation AMD EPYC processors for enterprise AI. On the downside, QXO Inc. 0% and X-Energy Inc. 3%.
IES Holdings Inc. 0%, even after closing its $691 million acquisition of DBM Global earlier this week and expanding its credit facility to $700 million; no specific trigger for today's decline was confirmed. Cognex Corp. 2% after Truist trimmed its price target to $74 from $78 on Monday.
Sterling Infrastructure Inc. 0%, giving back part of a recent rebound of about 12% tied to data center construction demand. Wednesday's Russell 1000 Top Gainers Name % change Summit Therapeutics Inc. A.
93% ResMed Inc. 42% Wednesday's Russell 1000 Top Losers Name % change QXO, Inc. 05% IES Holdings, Inc. 04% X-Energy, Inc.
20% Sterling Infrastructure, Inc. 98% Image: Shutterstock