US Markets Retreat From Records as Bond Yields and Oil Rise
What Happened
US stocks opened lower and remained under pressure as rising Treasury yields and oil prices prompted profit-taking after the previous session’s record highs. Investors were also cautious ahead of the Federal Reserve’s September meeting minutes. As of 11:26 AM ET on October 7: Dow Jones: 50,977.99, down 543.29 points or 1.06% S&P 500: 7,774.71, down 44.22 points or 0.57% Nasdaq Composite: 27,415.58, down 184.30 points or 0.67%
Key Takeaways
Wall Street is pulling back from record highs as rising Treasury yields and oil prices dampen risk appetite. Investors are now focused on the upcoming Federal Reserve minutes for clues on the interest-rate outlook, with higher borrowing costs continuing to pressure growth and technology stocks.