Market Snapshot: U.S. stocks struggle for direction as rising Treasury yields keep pressure on market

by | Sep 28, 2023 | Stock Market

U.S. stocks pressed higher on Thursday, with the main indexes recovering some ground after this week’s sell off, while calm returned to the Treasury market. How are stocks trading
The S&P 500
SPX
rose 29 points, or 0.7%, at 4,303.

The Dow Jones Industrial Average
DJIA
was up 166 points, or 0.5%, at 33,714.

The Nasdaq Composite
COMP
climbed 28 points, or 0.8%, to 13,191.

On Wednesday, the Dow Jones Industrial Average fell 69 points, or 0.2%, to 33550, while the S&P 500 logged a gain of 1 point, or 0.02%, to 4275, barely avoiding what would have been a sixth red day in seven. It also touched its lowest level intraday since early June.

What’s driving markets Stocks shook off early weakness and were trading slightly higher on Thursday as a relentless upward march in Treasury yields showed signs of slowing. The 10-year Treasury yield BX:TMUBMUSD10Y touched a fresh 16-year high north of 4.650% earlier, but was flat at 4.610% in midday trade. Also, after touching $95 a barrel early Thursday, the most expensive in 13 months, U.S. WTI crude oil futures were pulling back, helping to alleviate some of the market’s concerns about higher inflation. Art Hogan, chief market strategist at B. Riley Financial, said stocks were recovering from oversold territory, while moving out of a period of seasonal weakness in the second half of September, but most importantly, the move higher in Treasury yields appeared to be growing more orderly, helping to assuage traders’ concerns about rising borrowing costs. “The 10-year has quieted down a bit,” he said during a phone interview with MarketWatch. “We need to see Treasury yields calm down, they don’t need to fall back, they just need to stop ri …

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