Stock Market Midday, Oct. 7: Rising Treasury Yields Pressure Stocks, Caterpillar tumbles over 6%
As of 11:36 AM ET, the S&P 500 (SNPINDEX:^GSPC) is down 0.51% to 7,779, the Nasdaq Composite (NASDAQINDEX:^IXIC) has slipped 0.55% to 27,449, and the Dow Jones Industrial Average (DJINDICES:^DJI) is trading 0.98% lower to 51,018 as the indices pull back from records set on Tuesday.
Gold prices have fallen 1.53% to $4,100.75, and the 10-Year Treasury yield is up 4 basis points to 5.31%, close to its highest level since 2002. Many sectors fell this morning, with industrials and basic materials dropping the most, while healthcare and consumer defensive stocks gained.
Caterpillar fell over 6%, weighing on the Dow after an analyst downgrade and investor jitters over artificial intelligence (AI) caused the industrial leader to pull back. Deere slid on news of a federal inquiry into agricultural equipment business practices. Webull tumbled 20% on reports that a congressional committee had raised concerns about its connections to China. Conversely, ZIM Integrated Shipping Services is climbing after raising its 2026 full-year guidance.
Source: www.fool.com — article syndicated from the publisher’s feed; all rights remain with the original publisher.