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US Stocks Fall as 10-Year Treasury Yield Hits Highest Since 2002
Intraday Oct 7: the S&P 500, Nasdaq and Dow all declined as the 10-year Treasury yield climbed to 5.35%, its highest since 2002.
Why it matters
The 10-year Treasury yield climbed to 5.35%, its highest since 2002, while the 30-year bond reached 5.724%, a 24-year high. Higher risk-free rates are repricing equities, pulling all three major indexes back intraday just a day after they set record highs.
Full report
As of 10:28 a.m. ET on October 7 intraday data: the S&P 500 traded at 7,771.14, down 0.61%, back below 7,800; it closed at a record 7,818.93 on October 6. The Nasdaq Composite stood at 27,394.21, down 0.75%, after a record close of 27,599.89 the previous day. The Dow Jones Industrial Average fell 539.39 points (-1.05%) to 50,981.89, back under 51,000, after gaining 253 points to 51,521.28 on Tuesday. The Russell 2000 dropped 1.22% to 2,795.70.
In bonds, the 10-year yield rose 8 basis points before the open to 5.35%, its highest since 2002; the 30-year reached 5.724%, a 24-year high. Brent crude pushed back toward $102 a barrel following attacks on Saudi airports at Jazan and Najran and fresh attacks on shipping in the Strait of Hormuz.
The Treasury auctions new 10-year notes this afternoon, and the Federal Reserve releases the minutes of its September 15-16 meeting — which ended with a rate hike — at 2:00 p.m. ET.
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