Wall Street dips as benchmark US bond yields breach 5%

Wall Street declined due to mixed earnings, concerns about further interest rate hikes from the Federal Reserve, and worries about escalating conflict in the Middle East. The yield on 10-year US Treasury notes briefly surpassed 5%, the first time since July 2007. Tech stocks were particularly affected, pulling down the Nasdaq. Investors were urged to focus on strong company earnings and guidance. Federal Reserve Chairman Jerome Powell's comments left open the possibility of another rate hike.



October 21, 2023 at 12:36AM