Pressure from the bond market hits a new level, and US stocks slide on worries about inflation
The S&P 500 fell 0.8% to 7,706.03, the Dow dropped 0.7% (352 points) to 51,511.59 and the Nasdaq sank 1.1% to 26,936.04. The 10-year Treasury yield jumped to 5.10% from 4.96% late Tuesday, briefly reaching 5.14%. Fed Governor Michael Barr said further rate hikes “are likely to be needed” to reach the Fed’s 2% inflation target. Associated Press
10-year Treasury yield hits highest level since 2007 as market prices in another Fed rate hike
The 10-year yield reached 5.12%, its highest since 2007, and the 30-year touched 5.37%, as oil prices rose and business activity exceeded expectations. Investors raised bets on an October Fed rate hike to 70%. EY-Parthenon chief economist Gregory Daco: “We believe the Fed is on track for an additional 25-basis-point rate hike in December.” Yahoo Finance
Travel Booking Stocks Tumble as Muse Threatens to Bypass Them: Expedia Falls 7%, Airbnb Drops 6%, Booking Holdings Sinks 5%
As of 2:08 PM ET, Expedia was down 7% to $260.33, Airbnb down 6% to $151.66 and Booking Holdings down 5% to $156.02. Meta’s new AI agent “can book a flight or hotel room without ever visiting Expedia, Airbnb, or Booking Holdings.” Meta rose 2% to $751.12. 24/7 Wall St.
| Asset | Close | Chg | % |
|---|---|---|---|
| S&P 500^GSPC | 7,706.03 | -58.61 | -0.75% |
| Nasdaq Composite^IXIC | 26,936.04 | -308.24 | -1.13% |
| Dow Jones^DJI | 51,511.59 | -352.10 | -0.68% |
| CBOE Volatility Index^VIX | 15.18 | +0.97 | +6.83% |
| U.S. Dollar IndexDXY · 4:00 PM ET | 101.11 | +0.56 | +0.56% |
| Brent CrudeICE Nov '26 · 2:30 PM ET settle | $103.08 | +$3.83 | +3.86% |
| GoldCOMEX Dec '26 · 1:30 PM ET settle | $4,318.00 | -$58.50 | -1.34% |
| Tenor | Close | Chg | % |
|---|---|---|---|
| 1-MonthT-bill | 3.99% | +2bp | +0.50% |
| 3-MonthT-bill | 4.19% | +3bp | +0.72% |
| 6-MonthT-bill | 4.31% | +5bp | +1.17% |
| 1-YearT-note | 4.49% | +6bp | +1.35% |
| 2-YearT-note | 4.85% | +14bp | +2.97% |
| 5-YearT-note | 4.99% | +16bp | +3.31% |
| 10-YearT-note | 5.11% | +15bp | +3.02% |
| 30-YearT-bond | 5.40% | +11bp | +2.08% |