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Bond yields near 2007 highs, Sam Bankman-Fried's trial kicks off: Yahoo Finance LiveScroll back up to restore default view.
Karen Friar and Alexandra Canal
Tue, October 3, 2023 at 9:34 AM EDT
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Wall Street stocks fell at the open on Tuesday, as rising Treasury yields piled on pressure and investors got a reminder not to expect a Federal Reserve interest-rate cut any time soon.
The S&P 500 (^GSPC) dropped almost 0.7%, while the Dow Jones Industrial Average (^DJI) about 0.6%. The tech-heavy Nasdaq Composite (^IXIC) was down over 0.8%, after closing with a gain on Monday.
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Hawkish comments by Fed policymakers reminded investors that resilience in the US economy likely means borrowing costs will stay higher for longer. Traders are now pricing in odds of 29% that policymakers will hike rates at their November meeting, compared with 16% a week ago, according to the CME's FedWatch tool.
Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards
That prospect helped 10-year (^TNX) and 30-year Treasury yields (^TYX) rise to 16-year highs on Tuesday — a selloff in bonds that, combined with surges in oil prices and the dollar, has dampened appetite for stocks. The Russell 2000 index of small-caps turned negative for the year on Monday.