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- US stocks tumbled Thursday as the 10-year Treasury yield kept climbing and hit the highest level since 2007.
- Measured on a daily basis, using a single reference price, the benchmark rate reached 4.3237%.
- Indexes gave up early gains to finish lower, with the Dow notching its third consecutive decline.
US stocks tumbled Thursday as the 10-year Treasury yield kept climbing and hit the highest level in nearly 16 years.
Measured on a daily basis, using a single reference price, the benchmark rate reached 4.3237%, a level not seen since November 2007. Other measures showed the 10-year yield at the highest since October 2022.
On Wednesday, minutes from the Federal Reserve's meeting last month revealed that policymakers remained concerned about inflation and were open to further rate hikes.
As the yield continued to march higher Thursday, indexes gave up early gains to finish lower, with the Dow notching its third consecutive decline. That's even as Dow components Walmart and Cisco reported strong quarterly earnings.
Here's where US indexes stood at the 4 p.m. closing bell on Thursday:
- S&P 500: 4,373.06, down 0.71%
- Dow Jones Industrial Average: 34,488.45, down 0.84% (-291.84 points)
- Nasdaq Composite: 13,316.93, down 1.17%
Here's what else is going on today:
- "Shark Tank" investor Kevin O'Leary said Michael Burry's bet against the S&P 500 is going to be painful, even if he's right eventually.
- Inflation is falling and the end of rate hikes is in sight - so why are bond yields still rising?
- Foreign investors are giving up on China as capital flows reverse.
- Load up on bonds for their juicy yields before the stock-market rally loses steam, said Morgan Stanley.
In commodities, bonds, and crypto:
- Oil prices were lower. West Texas Intermediate crude oil climbed 0.9% to $80.11 a barrel. Brent, the international benchmark, rallied 0.5% to $83.85 a barrel.
- Gold edged down 0.5% to $1,918 per ounce.
- The yield on the 10-year Treasury rose 3.8 basis points to 4.296%.
- Bitcoin fell 4% to $27,914.