Nasdaq, S&P 500 slip from record highs as yields and oil rebound
SPY•The Nasdaq fell 0.85% and the S&P 500 lost 0.56% as Treasury yields and oil prices rebounded, with Brent crude back above $100 a barrel. The 30-year Treasury yield reached 5.72%, its highest since 2002, ahead of the release of Federal Reserve meeting minutes.
1. Stocks retreat from records
The Nasdaq and S&P 500 eased from record highs on Wednesday as Treasury yields and oil prices rebounded, keeping investors cautious ahead of the Federal Reserve’s September meeting minutes. At 9:43 a.m. ET, the Dow was down 0.92%, the S&P 500 0.56% and the Nasdaq 0.85%. Brent crude rose back above $100 a barrel, and the 30-year Treasury yield reached 5.72%, its highest since 2002.
2. Chips and earnings in focus
The Philadelphia chip index fell 2.3%, while Micron dropped 2.3% and Nvidia eased 0.7%. Investors were also looking ahead to third-quarter earnings, which begin next week; analysts expected aggregate S&P 500 earnings growth of 30.6%, including a projected 114.7% rise in energy earnings and a 66.5% increase in technology results.
