US stocks fall for second straight day as 30-year Treasury yield tops 5.6%, highest since 2002

Key details

US stocks closed lower on Tuesday for a second straight session: the Dow Jones Industrial Average fell 131.59 points (-0.26%) to 51,349.92; the S&P 500 slipped 12.85 points (-0.17%) to 7,670.84; and the Nasdaq Composite edged down 22.84 points (-0.09%) to 26,797.54. All three finished above their intraday lows but failed to reverse the downtrend.

Bonds dominated the session: the 30-year Treasury yield briefly broke above 5.6%, touching 5.619% — its highest since June 2002 — before closing around 5.57%. The benchmark 10-year yield hit an intraday high of 5.293%, near its highest since June 2007, ending around 5.24%.

New York Fed President John Williams said after September's hike (which lifted the federal funds target to 3.75%–4%) there is “no urgency” to act again, though one more hike this year may be appropriate if the economy evolves as expected. Traders cut October hike odds from roughly 70% to about 50% after his remarks, and yields eased from their highs.

Elsewhere: WTI crude fell 3.48% to $89.38 a barrel, offering some relief on inflation expectations, while spot gold gained 1.12%. Bank stocks were weak, with JPMorgan Chase, Morgan Stanley and Bank of America declining; Oracle rose 3.91% on news that OpenAI's annualized revenue is approaching $70 billion. For September so far: the S&P 500 is down 0.2%, the Dow has fallen 3.5%, and the Nasdaq is up more than 1%.

Source

Associated Press market-close wire and Dow Jones market data, September 29, 2026