Treasury selloff extends Monday: 10-year yield 5.214% (fresh multiyear high), 30-year 5.518%; Brent $106.82 (+2.4%); Nasdaq futures -0.9%, S&P/Dow futures ~-0.4%
What happened
The US Treasury selloff deepened on Monday, Sept. 28, pushing yields to fresh multiyear highs. Per WSJ/Dow Jones Newswires, the 10-year yield settled at 5.241% (a 19-year high; intraday high of 5.272%, near a 24-year record) and the 30-year touched 5.561%, a 24-year high. The S&P 500 fell 0.77% to 7,683.69, the Dow dropped 347.1 points (0.67%) to 51,481.51, and the Nasdaq fell 0.92% to 26,820.38. Brent crude closed at $105.28 (+0.9%) after an intraday 3% spike, and money markets priced a 70% probability of a 25bp Fed rate hike in October (vs. 58% a week earlier per CME FedWatch).
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Who’s affected
- Broad market — S&P 500 fell 0.77% to 7,683.69, Dow dropped 347.1 points (0.67%) to 51,481.51, Nasdaq fell 0.92% to 26,820.38. Tech/AI bore the brunt: META -~5% Monday following a ~3.5% Friday drop
- Roundhill Memory ETF (DRAM) -3.5%+; iShares Semiconductor ETF (SOXX) -2%
- Arm (ARM), Intel (INTC), SanDisk (SNDK) among biggest Nasdaq decliners; all Magnificent Seven closed lower except Nvidia (NVDA +1.7% to $228.86 after its board raised the buyback authorization by $150B to $235B). Crypto-linked stocks (HOOD, COIN, MARA, CRCL) pulled back with Bitcoin ~$83,300. Gold fell $150.80 (-3.5%) to $4,135.40. Money markets priced a 70% probability of a 25bp Fed hike in October (vs. 58% a week earlier per CME FedWatch).