Stock Market Midday, Oct. 1: Stocks Edge Lower as Treasury Yields Surge to 24-Year High
As of 11:31 a.m. ET, the Nasdaq Composite (NASDAQINDEX:^IXIC) was down 0.22% to 26,801, the S&P 500 (SNPINDEX:^GSPC) was trading lower by 0.26% to 7,632, and the Dow Jones Industrial Average (DJINDICES:^DJI) dropped 0.56% to 50,623 as surging bond yields pressure blue chip components.
Gold was up 0.17% to $4,193.70, while the 10-Year Treasury yield rose 0.03% to 5.29% during a session where industrials are leading the market. Basic materials stocks are the primary laggard, with consumer defensive names also showing resilience.
Accenture (NYSE:ACN) shares jumped after the company reported quarterly results that beat expectations alongside an upbeat fiscal 2027 outlook, while McKesson (NYSE:MCK) is rallying despite broader volatility. On the downside, Corteva (NYSE:CTVA) is among the session’s notable decliners and General Mills (NYSE:GIS) hit a 52-week low as rising interest rates weigh on the consumer sector.
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.