Oil Down, but Stocks Lower as Bond Yields Rise
- On Tuesday, U.S. stocks fell as Treasury yields surged to multi-year highs, with the Dow Jones dropping 0.40%, the S&P 500 losing 0.21%, and the Nasdaq Composite declining 0.17%.
- Rising prices for crude and diesel fuel have stoked inflation concerns, pushing bond yields higher as hopes for a US-Iran peace deal diminish, complicating the Federal Reserve's policy outlook.
- The 30-year Treasury bond yield hit 5.6206%, its highest since June 2002, while the benchmark 10-year yield reached 5.293%, contributing to declines across major indices.
- Investors are bracing for the Personal Consumption Expenditures Price Index report due Wednesday, with Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder, saying "PCE tomorrow is going to be big."
- The Labor Department's Job Openings and Labor Turnover Survey showed August job openings dropped to 7.079 million, while consumer confidence plunged to a nearly 12-1/2-year low amid inflation and rising rates.
19 Articles
19 Articles
Benchmark yield reaches 5.306%, highest since May 2002, as elevated energy prices stoke fears of additional Fed rate hikes
(New York = Yonhap News) Correspondent Lim Soo-jung = The yield on U.S. 10-year Treasury bonds surpassed 5.3% on the 30th (local time), rising to its highest level in 24 years.
The 10-year bonus is up to 5.25%, the highest rate since 2007. 30-year titles offer a return of 5.6%, the record since 2002
The United States is becoming more expensive to borrow money to finance its operations. U.S. Treasury yields rose to multi-year highs on Tuesday. The 30-year bond yielded 5.62 percent, the highest since June 2002. The 10-year bond yield reached 5.29 percent, the highest since 2007.
The New York stock market fell for two consecutive days as the yield on 30-year U.S. Treasury bonds surged to its highest level since 2002. Market anxiety intensified as the consumer confidence index also dropped to its lowest level since 2014. Amid dampened investor sentiment due to concerns over high interest rates and inflation, the New York Federal Reserve President's remarks on cautious interest rate policy helped limit the decline.
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