US stocks drop after Treasury yields once again surge to a new cycle high

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US stocks drop after Treasury yields once again surge to a new cycle high

Markets Insider2023-10-03

A trader at the New York Stock Exchange puts his hand on his face in September 2008. Richard Drew/AP ...

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Read preview. Here's what else is going on today:Orange juice prices are up 270% since the pandemic hit, as crop diseases and hurricanes hammer supply.Warren Buffett's Berkshire Hathaway has now cashed in $540 million of HP stock in under a month.Shares of embattled Chinese real-estate developer Evergrande surged as much as 42% in 15 minutes after the stock resumed trading on Tuesday.In commodities, bon","collect":0,"end_time":0,"defaultTopTitle":"businessinsider.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"BK4581":"高盛持仓","LU0980610538.SGD":"Natixis Harris Associates US Equity RA SGD-H","LU1571399168.USD":"ALLSPRING GLOBAL LONG/SHORT EQUITY \"IP\" (USD) ACC","LU0234572021.USD":"高盛美国核心股票组合Acc","IE00B1XK9C88.USD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A\" (USD) ACC","BK4585":"ETF&股票定投概念","LU0640476718.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQ \"AU\" (USD) ACC","LU0130102774.USD":"Natixis Harris Associates US Equity RA USD","IE00B3S45H60.SGD":"Neuberger Berman US Multicap Opportunities A Acc SGD-H","LU0256863811.USD":"ALLIANZ US EQUITY \"A\" INC","LU0149725797.USD":"汇丰美国股市经济规模基金","LU1074936037.SGD":"JPMorgan Funds - US Value A (acc) SGD","LU0648001328.SGD":"Natixis Harris Associates US Equity RA SGD","LU0417517546.SGD":"Allianz US Equity Cl AT Acc SGD","LU0234570918.USD":"高盛全球核心股票组合Acc Close","BRK.B":"伯克希尔B","LU1280957306.USD":"THREADNEEDLE (LUX) US CONTRARIAN CORE EQUITIES \"AUP\" (USD) INC","LU0742534661.SGD":"Fidelity America A-SGD (hedged)","LU1201861249.SGD":"Natixis Harris Associates US Equity PA SGD-H","LU0971096721.USD":"富达环球金融服务 A","BK4534":"瑞士信贷持仓","BK4533":"AQR资本管理(全球第二大对冲基金)","IE00BWXC8680.SGD":"PINEBRIDGE US LARGE CAP RESEARCH ENHANCED \"A5\" (SGD) ACC","IE00B775SV38.USD":"NEUBERGER BERMAN US MULTICAP OPPORTUNITIES \"A\" (USD) ACC","LU0048573561.USD":"FIDELITY AMERICA \"A\" (USD) INC","LU1363072403.SGD":"Fidelity Global Financial Services A-ACC-SGD","BK4176":"多领域控股","BK4550":"红杉资本持仓","LU1914381329.SGD":"Allianz Best Styles Global Equity Cl ET Acc H2-SGD","LU0251142724.SGD":"Fidelity America A-SGD","BK4588":"碎股","LU0053666078.USD":"摩根大通基金-美国股票A（离岸）美元"},"translate_title":"美国国债收益率再次飙升至新的周期高点后，美国股市下跌","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"BRK.B":0.81},"content_text":"A trader at the New York Stock Exchange puts his hand on his face in September 2008.\n                            \n\n                                Richard Drew/AP\n                              \n\n\n\n\n\n\n\n\n\n\n\n\n                                      Redeem now\n                                     \n\n\n\n \n\n\n \n \n\n\n \n \n\n\n\nUS stocks dropped on Tuesday after Treasury yields once again hit a new cycle high.The 10-year yield jumped to a high of 4.75%, which is well above the 3.64% level it was at a year ago.Higher bond yields have led to increased competition for stocks as investors can grab a risk-free yield of 5%.\n\n\n\n\n\n\n\n \nNEW LOOK\n\n\n                                    Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read preview\n\n\n\n\n\n\n \n\n\nLoading\nSomething is loading.\n\n\n\n\n\n\n\n\n\n\n\n\n\nThanks for signing up!\n\n\n                              Access your favorite topics in a personalized feed while you're on the go.\n                              \n                                download the app\n                               \n\n\n\n\n\nEmail address\n\n\n\n\n\n                                      Sign up\n                                     \n\n\n\n                                  By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy. You can opt-out at any time.\n                              \n\n\n\n\n\n \n\nAdvertisement\n\n\nAdvertisement\n\nUS stocks fell on Tuesday after interest rates surged to a new cycle high, with the 10-year Treasury yield jumping to 4.75%, the highest since August 2007. The latest surge comes a day after Cleveland Fed President Loretta Mester said that one more rate hike might be necessary later this year. The market currently expects no hikes at the Fed's upcoming November and December meetings, so any further increases would be a surprise to investors.\"I suspect we may well need to raise the fed funds rate once more this year and then hold it there for some time as we accumulate more information on economic developments and assess the effects of the tightening in financial conditions that has already occurred,\" she told a group of business leaders on Monday.Mester, who is not a voting member of the Fed this year, said inflation is still too high and risks related to persistently high inflation remain skewed to the upside.\nAdvertisement\n\n\nAdvertisement\n\nHere's where US indexes stood shortly after the 9:30 a.m. opening bell on Tuesday: S&P 500: 4,266.29, down 0.52%Dow Jones Industrial Average: 33,291.96, down 0.42% (141.39 points)Nasdaq Composite: 13,229.09, down 0.59%\nAdvertisement\n\n\nAdvertisement\n\nHere's what else is going on today: Orange juice prices are up 270% since the pandemic hit, as crop diseases and hurricanes hammer supply.Warren Buffett's Berkshire Hathaway has now cashed in $540 million of HP stock in under a month.Shares of embattled Chinese real-estate developer Evergrande surged as much as 42% in 15 minutes after the stock resumed trading on Tuesday.In commodities, bonds, and crypto: West Texas Intermediate crude oil rose 0.46% to $89.23 a barrel. Brent crude, the international benchmark, gained 0.11% to $90.81 a barrel. Gold fell 0.34% to $1,840.90 per ounce. The yield on the 10-year Treasury bond jumped six basis points to 4.75%. Bitcoin edged up 0.08% to $27,529. \n\n\n\n\n\n\n\n\n                            Read next\n                          \n\n\n\nMI Exclusive\ndaily market wrap\nStock market news today\n\n                        More...\n                      \n\nAdvertisement\n\n\n\n\nClose icon\nTwo crossed lines that form an 'X'. It indicates a way to close an interaction, or dismiss a notification.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"hasMoreComments":false,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false}}