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Wall Street stocks plunge as oil and bond yields surge
US stock markets fell again on Thursday.
The Dow Jones lost 300 points and has dropped more than 1,600 points in four sessions.
The S&P 500 and Nasdaq also fell, but by less than the Dow over the week.
Investors were worried because government bond yields rose sharply.
Higher yields can make borrowing more expensive and reduce the appeal of stocks.
Oil prices also climbed above $100 a barrel for US crude.
Investors feared that the conflict between the United States and Iran could last longer.
New inflation data was mostly close to expectations, but markets still saw a higher chance of an interest-rate increase next week.
Investors were waiting for the latest consumer inflation figures.
The Dow Jones fell 300 points Thursday, bringing its four-session decline above 1,600 points.
The S&P 500 and Nasdaq each dropped 0.6%, outperforming the Dow over the week.
The US 10-year Treasury yield rose to 4.96%, its highest level since November 2023.
Brent crude moved above $107 a barrel, while West Texas Intermediate surpassed $100.
Markets increased the probability of a US Federal Reserve interest-rate increase next week to 72%.
- Who
- Wall Street investors, the US Treasury, the Federal Reserve, and energy-market participants were involved in the developments.
- What
- US stocks fell for another session as bond yields and oil prices rose sharply.
- Where
- Wall Street and global bond and oil markets, including the United States, Germany, and the United Kingdom.
- When
- Thursday, September 10, after a four-session market decline; the next US retail-inflation report was due later that day.
- Why
- Investor sentiment weakened because of rising bond yields, higher oil prices, fewer-than-expected US Treasury buybacks, and fears of a prolonged US-Iran war.
Key facts
- Dow Jones four-session decline
- More than 1,600 points
- Thursday Dow Jones decline
- 300 points
- S&P 500 and Nasdaq
- Each fell 0.6%
- US 10-year Treasury yield
- 4.96%, the highest since November 2023
- US 30-year Treasury yield
- Near 5.4%, the highest since 2007
- Brent crude
- Above $107 a barrel
- West Texas Intermediate
- Above $100 a barrel
- Rate-hike probability
- 72% for a US Federal Reserve increase the following week
Sources
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