From Kiplinger · · 1m 30s
Stocks Drop as Treasury Yields Hit 24-Year High
Treasury yields hit 24-year highs as stocks fall.
In brief
Treasury yields hit 24-year highs as stocks fall. Stocks dropped as 10-year Treasury yields reached their highest level in 24 years, closing at 5.286%. Originally reported by Kiplinger.
Stocks Open Lower
Stocks opened lower Wednesday as the long-term Treasury yields hit their highest levels in 24 years.
10-Year Treasury Yield
The 10-year Treasury yield fell slightly after this afternoon's bond action but closed up 1.5 basis points at 5.286%.
30-Year Treasury Yield
The 30-year Treasury yield pulled back from its early morning peak but gained 3.0 basis points to 5.671%.
Stock Market Benchmarks
The blue-chip Dow Jones Industrial Average fell 0.7% to 51,179, the broader S&P 500 shed 0.2% to 7,801, and the tech-heavy Nasdaq Composite gave back 0.2% to 27,538.
Fed Meeting Minutes
The minutes from the most recent Fed meeting stated that changes in inflation compensation accounted for most of the net increase in shorter-maturity Treasury yields.
Fed Rate Hike Expectations
Most committee members believe financial conditions remain supportive of economic growth, with the odds for an October rate hike dropping to 83%.
Webull Sinks 19%
Webull sank 19.1% after a congressional committee flagged the online trading platform as a national security risk.
Caterpillar and Deere Drop
Caterpillar and Deere closed lower after the Federal Trade Commission launched a public inquiry into agricultural equipment manufacturing practices.
The bottom line
Stocks dropped as 10-year Treasury yields reached their highest level in 24 years, closing at 5.286%.
