Long bond yields hit a 2002 high even as oil tumbles 3.5%

The 30-year Treasury yield touched 5.61% and the S&P 500 slipped 0.17% to 7,671, while WTI crude fell to $89.38 on peace-talk signals and dovish Fed remarks halved October hike odds.

Deepakshi

Kristal Research & Marketing team

30 Sept2 min

Key takeaways — AI summary

US stocks were nearly flat: the S&P 500 fell 0.17% to 7,671 and the Nasdaq Composite dipped 0.09% to 26,798, though the Nasdaq 100 rose 0.21% as Oracle (+3.9%) and Meta (+3.2%) rallied.
WTI crude dropped 3.5% to $89.38 and Brent fell 2.6% to $102.59 on Qatar-brokered US-Iran messaging, a restored Saudi pipeline, up to 40 million extra US reserve barrels and reported Russia sanctions easing; part of the drop reversed in Asia.
Despite cheaper oil, the 30-year Treasury yield touched 5.61%, its highest since 2002, and the 10-year rose to 5.26%, pressured partly by Paramount Skydance's $32 billion bond sale; the average 30-year mortgage rate hit 7.58%.
NY Fed's John Williams said there is 'no need for urgency,' cutting October hike odds to 50/50 from 70%; the 2-year yield fell to 4.89% after job openings dropped to 7.08 million and consumer confidence sank to 81.9.
Market breadth stayed weak: NYSE new lows beat new highs for a tenth straight day and the median S&P 500 stock is down 4.5% over the month even as the index is flat; big movers included FICO -26.5% on a mortgage-scoring rule change and Carnival +13.4% on record results.

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