Bond yields extend run higher; stocks ease but Anthropic IPO optimism boosts tech
SPY•U.S. Treasury yields rose, with the 30-year yield reaching its highest level since June 2002, while major U.S. stock indexes fell. Technology shares gained as investors focused on Anthropic’s planned public debut.
1. Yields rise, stocks ease
The 30-year U.S. Treasury yield reached its highest level since June 2002 and was last up 4.94 basis points at 5.6114%. The 10-year yield rose 4.28 basis points to 5.285%. The Dow fell 0.61%, the S&P 500 lost 0.29% and the Nasdaq Composite slipped 0.13%.
2. Investors watch inflation
U.S. consumer confidence fell to its lowest level in more than 12 years in September. Investors awaited Wednesday’s personal consumption expenditures price index; one market economist said an acceleration in inflation could cement an October rate hike. Investors saw a near-70% chance of a 25-basis-point hike, according to the CME Group’s FedWatch Tool.
3. Tech gains, oil falls
The S&P 500 technology index rose 0.1% amid optimism about Anthropic’s planned public debut. Its IPO prospectus showed sharply increased growth over the past year alongside wider losses, and the company is targeting a valuation above $2 trillion. U.S. crude fell 2.27% to $90.52 a barrel, while Brent fell 0.95% to $104.28.
