Shares slip as bond bashing rumbles on
SPY•Global shares fell as oil prices jumped more than 4% and US Treasury yields remained near a 24-year high. The S&P 500 was down about 0.3% and the Nasdaq nearly 0.5% at the US market open.
1. Stocks and oil fall into focus
US, European and Asian shares declined as sovereign bond-market strains combined with a jump in oil prices and concerns about large technology companies seeking debt financing. Brent rose to $104.50 a barrel, while US crude gained 4.3% to $92.10.
2. Yields and debt pressures
The 10-year US Treasury yield reached 5.28%, after touching 5.36% overnight, its highest level in 24 years. French debt concerns weighed on European markets, and the euro traded near a 17-month low.
3. Tech borrowing plans
Broadcom was seeking $50 billion in financing, while SpaceX planned to issue $30 billion in investment-grade debt and raise $10 billion in loans to buy AI chips from Nvidia. Samsung projected a 783% rise in third-quarter operating profit to 107.4 trillion won, but its shares fell 2.4%.
