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  3. US markets end deeply in red as Treasury yields surge to highest levels in over decade

US markets end deeply in red as Treasury yields surge to highest levels in over decade

04 Oct 2023 Evaluate

The US markets ended deeply in red on Tuesday with Nasdaq settling cut of over 1.80%, as US Treasury yields surged to their highest levels in over a decade, worrying investors that higher borrowing rates could further stall the housing market. The yield on the 10-year Treasury note on Tuesday was at 4.802%, its highest level since August 2007. The 30-year was at 4.936%, its highest level since September 2007. Meanwhile, weaknesses also prevailed in the markets following the release of a report from the Labor Department unexpectedly showing a notable increase in U.S. job openings in the month of August. The Labor Department said job openings surged to 9.61 million in August from an upwardly revised 8.92 million in July. The jump surprised participants, who had expected job openings to edge down to 8.80 million from the 8.83 million originally reported for the previous month.

The data added to interest rate concerns amid worries strength in the labor market could convince the Federal Reserve to raise rates higher than had been anticipated and keep rates an elevated level for longer than expected. On the sectoral front, Airline stocks saw substantial weakness on the day, resulting in a 2.8 percent nosedive by the NYSE Arca Airline Index. The index plummeted to its lowest closing level in nine months. Significant weakness was also visible among software stocks, as reflected by the 2.6 percent plunge by the Dow Jones U.S. Software Index. Interest rate concerns also weighed on housing stocks, dragging the Philadelphia Housing Sector Index down by 2.5 percent to a nearly four-month closing low.

Dow Jones Industrial Average slipped 430.97 points or 1.29 percent to 33,002.38, Nasdaq dropped 248.31 points or 1.87 percent to 13,059.47 and S&P 500 was down by 58.94 points or 1.37 percent to 4,229.45. 


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