The Dow was down about 451 points in Wednesday trade as the 10-year yield rose to about 5.36 percent, its highest since 2002, with oil also firmer ahead of a Treasury auction and Fed minutes.
US stocks retreated on Wednesday as Treasury yields climbed to levels not seen in more than two decades and oil prices rose, Quartz reported during the session. The Dow Jones Industrial Average was down 451 points, or 0.9 percent. The S&P 500 was down 0.6 percent and the Nasdaq Composite 0.9 percent.
Quartz said the 10-year yield rose more than 8 basis points to 5.356 percent, the highest since April 2002, and the 30-year yield rose to 5.725 percent, the highest since May 2002. A separate market note put the 10-year at 5.36 percent and the S&P 500 at 7,770.76, down 0.62 percent from Tuesday's record close of 7,818.93. The two accounts agree on the direction and the round level of the yield.
Oil added to the pressure. Quartz said US crude was above 90 dollars a barrel and Brent near 102 dollars. Traders were also waiting for a 39 billion dollar reopening of 10-year notes and for minutes of the Federal Reserve's September meeting, when the central bank raised rates for the first time since 2023.
The move reverses Tuesday's record closes for the S&P 500 and Nasdaq. Figures here are session readings, not a closing print.
No new Fed decision accompanied the sell-off. The next markers cited were the auction and the minutes.