Treasury Yields at 'Record Highs' Alongside Weak Economic Indicators

The three major U.S. stock indices closed slightly lower.

The Nasdaq fell 0.09%, and the S&P 500 finished in the 7,600 range for the second consecutive trading day.

By sector, energy dropped 1% and consumer staples fell by the 0.8% range, whereas utilities rose by more than 1%.

New York stocks remained weak for the second straight day, pressured by a sharp surge in long-term Treasury yields.

The 30-year Treasury yield broke through 5.6% during the session to hit a 24-year high, while the 10-year yield continued its high-altitude flight in the 5% range, exerting downward pressure on the stock market.

Economic indicators were uniformly sluggish.

U.S. job openings for August came in at 7.079 million, decreasing from the previous month and falling short of market expectations, while the September consumer confidence index also dropped to a multi-year low, fueling concerns over high inflation and economic slowdown.

Meanwhile, amid general weakness in tech stocks, semiconductor shares held up relatively well.

Ahead of its earnings release, Micron rose, boosted by expectations of growing demand for high-bandwidth memory, and SK Hynix's American Depositary Receipts also showed a synchronized upward trend, leading a rebound in the Philadelphia Semiconductor Index.

Late in the session, remarks from high-ranking Federal Reserve officials helped narrow the losses.

When New York Fed President John Williams stated, "As we already raised the benchmark interest rate this month, there is no need to rush the next hike," short-term Treasury yields declined, partially calming investor sentiment.

Now, the market is focusing on the August personal consumption expenditures (PCE) price index, which is scheduled to be released at 9:30 PM tonight (September 30) Korean time.
※ Please note: This article was translated by AI and may contain errors.