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Major U.S. stock indexes closed lower for a second consecutive day, while Treasury yields continued their ascent.
The blue-chip Dow Jones Industrial Average, benchmark S&P 500, and tech-focused Nasdaq Composite finished Tuesday a respective 0.3%, 0.2%, and 0.1% lower.
The 10-year Treasury yield, which serves as a benchmark for a wide range of interest rates, including those for mortgages, corporate bonds, and other loans, was below 5.26% in late-afternoon trading, up more than one basis point from Monday’s close. Earlier Tuesday, the 10-year yield—which has soared roughly 30 basis points the past six sessions—rose above 5.29%, its highest level since 2007.
Oil prices pulled back Tuesday as Saudi Arabia ramped up exports through its critical East-West pipeline, but still remain elevated. U.S. benchmark West Texas Intermediate crude futures were down 3.6% to $89.25 a barrel at 4 p.m. ET, while Brent crude futures, the international benchmark, declined 2.6% to $102.55. With Americans taking a beating at the pump and overall pessimism about the job market, a key measure of U.S. consumer confidence unexpectedly plunged in September to its lowest level since 2014.
Shares of memory companies and other AI-related companies rebounded Tuesday after falling to start the week. Roundhill’s Memory ETF (DRAM) and the broader iShares Semiconductor ETF (SOXX) closed up near 3% and 1%, respectively, after declining more than 3.5% and 2% yesterday.
Meta Platforms (META) shares, which fell nearly 5% yesterday, advanced more than 3%. The Facebook parent announced Muse for Small Business, a workplace version of its popular new AI agent. Fellow Magnificent Seven mega-cap tech stock Nvidia (NVDA) ended down less than 1% a day after it was the only one of the septet to end in the green. The Roundhill Magnificent Seven ETF (MAGS) declined 0.2%, with Apple (AAPL) leading the declines at more than 2.5%.
Fair Isaac (FICO) shares plunged 27%, a day after the head of the Federal Housing Finance Agency (FHFA) said the agency is adding a competitor to credit scoring for mortgages. Carnival Corp. (CCL) and CarMax (KMX) surged 14% and 5%, respectively, after reporting quarterly results.
Bitcoin traded around $83,400, little changed over the past 24 hours. The U.S. dollar index, which tracks the value of the greenback against a basket of foreign currencies, was 0.2% higher at 101.38. Gold futures advanced 0.9% to $4,205 an ounce.
Tomorrow, investors will be keyed in on the release of the latest Personal Consumption Expenditures (PCE) data, and their focus will turn Friday to the U.S. jobs report for September.
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