Treasury yields pressure stocks as 10-year rate reaches 5.234%

  • Treasury yields continued weighing on stocks during the session.
  • 5.234% was the latest level for the 10-year Treasury yield.
  • ADP payrolls, August inflation data and three corporate earnings reports are scheduled next.

U.S. Treasury yields continued weighing on stocks, with the 2-year yield at 4.879%, the 10-year yield at 5.234% and the 30-year yield above 5.6% at its session high. Shares of companies linked to the artificial-intelligence sector also remained below recent peaks: SpaceX was down 34% from its June high, Tesla 30% from its December high, Nvidia 4% from its May high, Alphabet 16.5% from its May high and Meta Platforms 5% from its latest high, although Meta was up 29% in September. The market focus now shifts to ADP private payrolls and the August personal consumption expenditures price index, followed by earnings from Cal-Maine Foods, Conagra and Micron. Jim Cramer highlighted Goldman Sachs, whose shares have gained more than 300% since David Solomon became CEO eight years ago, or about 400% including dividends.

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