Dow Sinks 1,600 Points in Four Days as Yields Hit 16-Year High and Oil Tops $107
IXIC sits 26% above its 52-week low of $20,690.249.
Summary
The Dow fell another 300 points Thursday, extending its four-day slide to over 1,600 points, while the S&P 500 and Nasdaq each lost 0.6%. The selloff was driven by a global bond rout that pushed the 10-year Treasury yield to 4.96%, the highest since November 2023, and the 30-year yield near 5.4%, a level not seen since 2007. Oil added to the pressure, with Brent crude crossing $107 a barrel and WTI topping $100 on fears of a prolonged US-Iran war and unconfirmed reports of Houthi advances near the Bab Al-Mandeb strait. August PPI came in largely in-line, but the market now prices a 72% chance of a Fed rate hike next week. This follows a week of escalating losses tied to Middle East tensions and rising yields, with the Nasdaq now down for eight straight sessions in oil. Traders will watch the retail inflation print due this evening for further direction.
At the time of this announcement, IXIC was trading at $26,081.72 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,190.21. This news item was assessed with negative market sentiment and an importance score of 8 out of 10. Source: CNBC TV18.