Treasury Yields Hit 24-Year High, Sinking Stocks and Homebuilders
IXIC sits 33% above its 52-week low of $20,690.249.
Summary
U.S. stocks fell as Treasury yields tested multidecade highs, with the 10-year yield touching 5.361% — a 24-year high — before easing to 5.276% after a strong auction. The Dow dropped 341 points to 51,179.87, the S&P 500 slipped 0.22% from a record, and the Nasdaq lost 61 points to 27,538.69. The 30-year yield rose to 5.660%, near its highest since 2002, and the average 30-year mortgage rate hit 7.52%, pressuring homebuilders — the SPDR S&P Homebuilders ETF fell over 2.5%. This follows the September FOMC minutes released Wednesday, which showed most officials favored another rate hike this year. The bond market's move is squeezing mortgage and corporate credit costs, a direct drag on equities.
At the time of this announcement, IXIC was trading at $27,538.69 on NASDAQ in the Finance sector. The 52-week trading range was $20,690.25 to $27,722.75. This news item was assessed with negative market sentiment and an importance score of 7 out of 10. Source: Dow Jones Newswires.