Treasury Yields Rise as U.S. Stocks End September Mixed
The Dow and S&P 500 fell Wednesday while the Nasdaq edged higher, as Treasury yields climbed despite softer inflation readings.
U.S. stocks finished mixed Wednesday, closing out a volatile September. The Dow fell 0.9% and the S&P 500 lost 0.3%, while the Nasdaq Composite rose 0.2%.
Bond yields climbed during the session. The 10-year Treasury yield briefly reached 5.3%, its highest level since June 2007, while the 30-year yield hit 5.642%, its highest since June 2002. The two-year yield slipped to 4.883%.
The moves came despite inflation readings below Zacks estimates. The personal consumption expenditures price index rose 0.3% in August, while the core index rose 0.2%. Year-over-year headline and core inflation were 3.4% and 3%, respectively.
Other data showed personal spending rose 0.9% in August, above the 0.8% consensus estimate, while income rose 0.2%, below expectations. The Commerce Department also raised its estimate for second-quarter U.S. GDP growth to 2.2% from 1.5%.
Private payrolls increased by 90,000 in September, ADP reported, topping the 68,000 consensus estimate. The Dow fell 4.3% for September and the S&P 500 lost 0.5%, while the Nasdaq gained 1.9%.
This article was produced with the help of AI technology.
Source: Yahoo Finance
