Bond market pressure mounting

NEW YORK, Oct 8 — Wall Street retreated on Wednesday as bond market pressure mounted, with the Dow losing 341.41 points, or 0.66%, to 51,179.87. The S&P 500 shed 0.22% to 7,801.77, while the Nasdaq slipped 0.22% to 27,538.69. The 10-year Treasury yield hit 5.365%, its highest since April 2002, before easing after a strong $39 billion auction. Minutes from the Federal Reserve’s September meeting revealed most officials expect another rate hike by year end, heightening concerns over borrowing costs.

Bond market

Bank and technology stocks led declines on fears higher rates would hinder lending and slow AI investment. Europe’s STOXX 600 dropped 1.00% to 630.25, weighed by elevated yields and renewed crude oil gains after Houthi attacks in Saudi Arabia. Asian markets also traded lower, with South Korea’s KOSPI down 1.98%, Japan’s Nikkei 225 off 0.92% and Hong Kong’s Hang Seng slipping 0.62%, as supply concerns in West Asia dampened sentiment.

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