Treasury yields dip after record highs, bond auction of 10-year notes
- On Thursday, major stock indexes retreated from Tuesday's record highs as long-dated Treasury yields climbed to their highest level in over two decades, pressuring the industrial sector.
- Elevated borrowing costs impacted credit-dependent manufacturers; Caterpillar tumbled 6% to $811.70, Deere dropped 4% to $657.95, and PACCAR slipped 2% to $106.66 in morning trading.
- Wednesday's $39 billion auction of 10-year notes saw strong demand, helping the yield moderate to 5.282% after spiking to 5.36% earlier in the day.
- The Mortgage Bankers Association reported Wednesday that applications fell 4.2% last week as the 30-year fixed mortgage rate hit a three-year high of 7.49%.
- Fifth Third Wealth Advisors Chief Investment Officer Chris Osmond noted investors are demanding higher returns, creating headwinds for interest rate-sensitive market areas as the Federal Reserve prepares to signal policy direction.
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The sale of US bonds is slowing down, but tech entrepreneurs like Elon Musk could increase pressure again and trigger a vicious circle.
The American stock indices completed the cut in the tender on Wednesday, and the participants evaluated the minutes of the September meeting of the Federal Reserve System (FRF).
Wall Street retreats from its record as stocks fall worldwide - WXXV News 25
By STAN CHOE NEW YORK (AP) — U.S. stocks pulled back from their record on Wednesday. The S&P 500 slipped 0.2%, a day after topping its prior all-time high set in August. The Dow Jones Industrial Average dropped 341 points, or 0.7%, while the Nasdaq composite fell 0.2% from its own record. Stocks felt pressure as yields swung in the...
Rising yields and an oil price of over 100 dollars per barrel at times raise new fears of inflation with more and more investors. The yield of 30-year US government bonds is currently rising to the highest level in 24 years.
The New York Stock Exchange closed lower. US Treasury yields rose to their highest level since 2002, reigniting fears about inflation and rising debt. The Dow Jones industrial average closed down 341.41 points (-0.66%) to 51,179.87. The Nasdaq, dominated by technology stocks, closed down 61.19 points (-0.22%) to 27,538.69. The broader S&P 500 index, indicative of the general trend, closed down 17.16 points (-0.22%) to 7,801.77. Read more at iefi…
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