Yields, oil pressure US stocks ahead of Fed minutes
SPY•US stocks fell as Treasury yields and oil prices rose ahead of the Federal Reserve’s September meeting minutes. The 10-year Treasury yield reached 5.3645%, its highest level since 2002.
1. Stocks under pressure
Wall Street’s main indexes were lower early Wednesday as rising Treasury yields and oil prices weighed on stocks ahead of the Fed minutes. The Dow was down about 0.9%, the largest decline among the main indexes.
2. Sector moves
Most S&P 500 sectors fell, with industrials, communication services and materials each down 1% or more. Healthcare gained 1%, leading the sectors higher. Gold and silver miners, large and regional banks, semiconductor stocks and housing-related shares were among the weaker groups, while the Nasdaq Biotech Index was slightly higher.
3. Yields and commodities
The 10-year Treasury yield climbed to 5.3645%, its highest level since 2002, as investors looked ahead to a Treasury auction and the Fed minutes. Crude oil prices rose, while the dollar gained about 0.6%, gold fell more than 1.5% and bitcoin declined more than 3%.
