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Wall Street Falls as 10-Year Treasury Yield Hits Near-20-Year High
U.S. stocks fell across the board on Monday as the 10-year Treasury yield climbed above 5.23%, its highest since 2007. Rising oil prices on U.S.-Iran tensions added to inflation worries.
Market snapshot
On Monday, September 28, the Dow Jones Industrial Average fell 347.11 points (-0.67%) to 51,481.51; the S&P 500 dropped 0.77% to 7,683.69; and the Nasdaq Composite lost 0.92% to 26,820.38.
Yields behind the selloff
The 10-year U.S. Treasury yield touched 5.27% and closed near 5.23%, its highest since June 2007; the 30-year yield reached 5.55%, the highest since 2004. Higher yields pressured richly valued tech shares.
Oil and geopolitics
President Trump rejected an Iranian proposal to reopen the Strait of Hormuz, sending Brent crude toward $106 a barrel. Investors fear higher oil prices will feed inflation and force further Fed rate hikes. PCE inflation data is due Wednesday and the September jobs report on Friday.
Stock movers
Nvidia rose about 1.7% to $228.86 after its board approved a $150 billion expansion of its share buyback program. MongoDB plunged more than 18% after its president and CEO stepped down with immediate effect to take a senior role at Meta Platforms; Meta fell about 4.8%. (Source: AP)
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