Wall Street eases as yields push to fresh multi-decade highs
TLT•Wall Street’s main indexes were modestly lower as the 10-year Treasury yield rose to 5.3445%, its highest level since 2002. Nine of the S&P 500’s 11 major sectors traded lower.
1. Yields reach new high
The 10-year Treasury yield climbed to 5.3445%, its highest level since 2002, and was on track for an eighth consecutive daily gain. The September ISM Manufacturing PMI came in at 54.5, below the 55.0 estimate, while Prices Paid was 77.9 versus an estimate of 72.3.
2. Most sectors decline
Nine of the S&P 500’s 11 major sectors traded lower, led by materials, down 1.5%. Technology and energy were the only sectors in positive territory; software and services gained more than 1.5%, while big banks, regional banks and housing-related stocks were under pressure.
