The S&P 500 and Dow Jones Industrial Average fell in early trading Thursday, September 24, extending the previous session's declines. At about 9:42 a.m. Eastern, SPY, an exchange-traded fund that tracks the S&P 500, was down 0.43%, while DIA, which tracks the Dow, had fallen 0.46%. The fund prices are live snapshots of the indexes' direction and can change during the session. Brent crude was near $105 a barrel before the opening bell, while the 10-year Treasury yield had risen above 5%, increasing pressure on stock valuations and inflation expectations. A stronger September business reading also complicated the outlook for interest rates: S&P Global's flash composite PMI (early survey of private-sector activity) rose to 58.4 from 56.0 in August, its strongest level since July 2021. Investors are weighing whether faster growth could leave the Federal Reserve with less room to address inflation concerns. The 10-year yield reached 5.11% on Wednesday, when the S&P 500 fell 0.75% and the Dow declined 0.68%. Energy shares could benefit from higher oil prices, while airlines and other fuel-intensive companies face higher costs. Technology stocks remain particularly sensitive to rising yields because higher borrowing costs reduce the present value of expected future profits. Oil and bond-market movements are therefore central to Thursday's direction: easing in either could help stocks recover some opening losses, while persistently elevated levels could limit a rebound. Monday's market rally occurred as oil prices fell and AI shares advanced.