Market Snapshot: U.S. stocks fall for 4th straight day as recent rise in Treasury yields pressures global markets

by | Oct 20, 2023 | Stock Market

U.S. stocks saw losses accelerate Friday with the S&P 500 on track for a fourth straight daily loss as a rise in Treasury yields and oil prices this week reverberated across global markets. What’s happening
The S&P 500
was off by 39 points, or 0.7%, at 4,249.

The Dow Jones Industrial Average
was off by 164 points, or 0.5%, to 33,244.

The Nasdaq Composite
fell by 180 points, or 1.4%, to 13,004.

On Thursday, the Dow Jones Industrial Average finished 250.91 points, or 0.7% lower, at 33,414.17. The S&P 500  fell 36.60 points, or 0.8%, to end at 4,278, and the Nasdaq Composite  lost 128.12 points, or 1%, at 13,186.17.

What’s driving markets Global stocks took a beating this week as the 10-year U.S. Treasury yield climbed to its highest level in 16 years, and traded on the verge of 5%, raising borrowing costs which could could put more pressure on economic growth. Treasury yields backed off a bit on Friday, but the impact of their rise from earlier in the week was still being felt, sources said. “The stock market now is glued to the bond market. We’ve hit the point where long-term yields are essentially the No. 1 problem for everything,” said Michael Lebowitz, a portfolio manager at RIA Advisors. The yield on the 10-year note
was down 9.5 basis points at 4.893% on Friday, but has risen more than 25 basis points so far this week, according to Dow Jones Market Data. Read: Why stock-market investors are fixated on 5% as 10-year Treasury yield nears key threshold Investors also remained focused on comments by Federal Reserve officials after Federal Reserve Chairman Jerome Powell gave a cautious outlook the economy during a speech in New York o …

Article Attribution | Read More at Article Source

Share This