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US stocks fall as Treasury yields hit 24-year highs: Dow down 0.7%, S&P 500 and Nasdaq each off 0.2%
US stocks declined on Wednesday, Oct 7: the Dow fell 0.66% to 51,179.87, while the S&P 500 and Nasdaq each lost 0.22%, retreating from Tuesday's record highs. The 10-year and 30-year Treasury yields hit their highest since mid-2002, and FOMC minutes showed most policymakers still expect another rate hike by year-end.
Why it matters
US equities pulled back from Tuesday's record highs as the bond sell-off returned with force. The 10-year and 30-year Treasury yields both hit their highest levels since mid-2002, and minutes from the Federal Reserve's September meeting showed most policymakers still expect another rate hike by year-end — a combination that hit rate-sensitive stocks, especially banks.
Full report
US stocks declined on Wednesday, October 7, 2026. The Dow Jones Industrial Average fell 0.66% to close at 51,179.87. The S&P 500 declined 0.22% to 7,801.77 and the Nasdaq Composite also fell 0.22% to 27,538.69, both retreating from the all-time highs reached in the previous session.
The trigger was the bond market: the 10-year Treasury yield rose to 5.361% and the 30-year yield to 5.730%, each the highest since mid-2002. A $39 billion auction of 10-year notes sold at a yield of 5.300%, the highest auction yield since late 2000. Minutes from the September FOMC meeting showed most participants assessed that another increase in the federal-funds target range would likely be appropriate by year end.
Banking stocks were firmly lower as yields rose, with Goldman Sachs, JPMorgan Chase, Morgan Stanley, Bank of America and Citigroup all in the red. On the upside, Constellation Brands rose after fiscal second-quarter results topped analysts' estimates, and Micron Technology gained on positive broker commentary from DA Davidson.
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