{"id":68383,"date":"2023-10-03T19:15:24","date_gmt":"2023-10-03T23:15:24","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/u-s-stocks-are-sinking-as-treasury-yields-rise-to-multiyear-highs\/"},"modified":"2023-10-03T19:15:26","modified_gmt":"2023-10-03T23:15:26","slug":"u-s-stocks-are-sinking-as-treasury-yields-rise-to-multiyear-highs","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=68383","title":{"rendered":"U.S. stocks are sinking as Treasury yields rise to multiyear highs"},"content":{"rendered":"
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\u00a9 Reuters. <\/span>
\n<\/i>\n<\/div>\n

Investing.com — U.S. stocks are sinking as Treasury yields rise to multiyear highs, with investors awaiting key data on jobs this week, including Friday’s jobs report for September.<\/p>\n

At 10:54 ET (14:54 GMT), the fell 391 points or 1.2%, while the fell 1.4% and the fell 1.6%.\u00a0<\/p>\n

On Monday, the 30-stock Dow shed 0.2%, while the tech-heavy Nasdaq increased by 0.7% and the benchmark S&P inched only marginally higher. All three ended September and the third quarter lower.<\/p>\n

Pressuring equities was the , which jumped to its highest level since 2007 after data showed that American factory activity contracted by its smallest amount in about a year. Yields typically increase as prices fall.\u00a0The 10-year reached 4.758%.<\/p>\n

The numbers pointed to resilience in the world’s largest economy, supporting some predictions that the Federal Reserve could choose to keep interest rates higher for a longer period of time. A hawkish stance from the Fed last week has persuaded many investors to recalibrate their rate expectations, with futures markets now betting that borrowing costs will stand at 4.7% by the end of next year — implying fewer cuts than previously anticipated from the current range of 5.25% to 5.50%.<\/p>\n

JOLTS comes in with a higher number than expected<\/h2>\n

Fresh for August showed employers had 9.61 million job openings, higher than the expected 8.8 million during the month.<\/p>\n

The figure slipped to its lowest mark in almost 2-1\/2 years in the prior month, hinting at a gradual slowing in the labor market that helped bolster the argument for the Fed to leave interest rates unchanged at its September meeting.<\/p>\n

Later in the week, the labor market picture will be further fleshed out by the and .<\/p>\n

McCormick shares lower after earnings<\/h2>\n

Shares of spice and seasoning maker McCormick & Company Incorporated (NYSE:) fell 8.9% after it reported earnings that were in-line with expectations and revenue that was slightly below expectations. The company said it expects 2023 revenue in line with expectations, in a range of\u00a0$6.67 billion to $6.80 billion.<\/p>\n

The egg producer Cal-Maine Foods <\/span><\/span> Inc (NASDAQ:) is slated to report earnings after the closing bell during an otherwise quiet week for corporate quarterly reports.<\/p>\n

Oil slips after touching three-week low<\/h2>\n

Oil prices inched down on Tuesday after dropping to a three-week low in the prior session, with traders partly concerned over how elevated interest rates may impact crude demand.<\/p>\n

The U.S. manufacturing data on Monday fueled projections that the Fed may choose to keep rates higher for longer, pushing the U.S. dollar up against a basket of other currencies. The prospect of both higher borrowing costs and a stronger U.S. dollar could make oil more expensive for buyers holding other currencies, potentially hitting demand.<\/p>\n

Further weighing on prices was an announcement from Turkey’s energy minister that the country would restart operations on a pipeline from Iraq this week that had been suspended for nearly half a year. This somewhat muddled the outlook for supply, which has been recently driven by a decision by Saudi Arabia and Russia to extend production cuts until the end of 2023.<\/p>\n

(Oliver Gray contributed to this report.)<\/p>\n<\/div>\n

Read the full article here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

\u00a9 Reuters. Investing.com — U.S. stocks are sinking as Treasury yields rise to multiyear highs, with investors awaiting key data on jobs this week, including Friday’s jobs report for September. At 10:54 ET (14:54 GMT), the fell 391 points or 1.2%, while the fell 1.4% and the fell 1.6%.\u00a0 On Monday, the 30-stock Dow shed […]<\/p>\n","protected":false},"author":1,"featured_media":14417,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-68383","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"\nU.S. stocks are sinking as Treasury yields rise to multiyear highs | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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