Stocks Finish Flat as 10-Year Treasury Yield Touches Highest Level Since 2002
U.S. stocks finished mixed and close to flat on Thursday, Oct. 1, as the bond market set the tone for the session, according to TheStreet and other financial outlets. The 10-year Treasury yield rose about 4 basis points to 5.3338%, its highest level since April 2002, while the 30-year yield climbed to 5.6702%, the highest since July 2002.
Individual movers told the story of a selective market. Accenture rose after quarterly results and its fiscal 2027 outlook beat expectations. Micron Technology fell nearly 4% even though sales nearly quadrupled from a year earlier and guidance was strong — a sign of how high the bar now sits for technology names. Nike, scheduled to report after the bell, slipped 0.42% and was down about 44% for the year. Gold edged up to $4,193.70 an ounce.
Analysts said a softer-than-expected PCE inflation reading the previous day had trimmed bets on an October Federal Reserve rate hike, but yields at more than two-decade highs continued to pressure blue chips and rate-sensitive sectors. Investors next turned to Friday's monthly jobs report for direction on the rate path.
For ordinary savers and borrowers, a 5.33% 10-year yield means the risk-free rate has returned to levels unseen in a generation, mechanically lifting mortgage, auto-loan and corporate borrowing costs — the direct reason blue chips lagged growth stocks on the day. Most strategists expected yields to stay elevated unless the jobs data cooled markedly.
Photo: 纽约证券交易所大楼实景，CC BY 2.0（Wikimedia Commons，摄影：CGP Grey）
Source: GSM · USA (original Chinese edition)
Photo: 纽约证券交易所大楼实景，CC BY 2.0（Wikimedia Commons，摄影：CGP Grey）
