- US benchmark indices fell after the opening bell on October 8 amid rising oil prices and bond yields
- Nasdaq Composite dropped 0.47%, S&P 500 declined 0.38%, and Dow Jones fell 0.33% by 7 pm IST
- 10-year Treasury yield rose to 5.29%, and 30-year yield neared 24-year highs at 5.72%
US benchmark inidces slipped after the opening bell on Thursday, October 8 as oil price rally nearly 5%, while bond yields continue to surge.
Nasdaq Composite fell 0.47% to 27,410.59, S&P 500 slid 0.38% to 7,772.41, while Dow Jones Industrial Average traded 0.33% lower at 51,009.78 by 7 pm IST.
The latest decline comes as the benchmark 10-year Treasury yield rose 5.29%. The 30-year Treasury bond yield stood around 5.72%, near 24-year highs after Federal Reserve Governor Christopher Waller said more rate hikes may be required to manage inflation concerns.
Brent crude oil prices climbed above $104 a barrel on Thursday, October 8 following reports of potential US military action against Iran revived fears of further disruption to Middle East oil supplies. Brent crude prices were last trading at $104.5 a barrel, up 4.5%, after settling at $100.20 in the previous session. The latest rally came after reports said that the Trump administration has directedthe Pentagon to develop strike options against Iran that could be carried out before the US midterm elections.
Fed Governor Christopher Waller said more rate hikes will likely be required to slow inflation, while there is some flexibility on timing.
“If the economic data continue to come in as expected, I anticipate additional hikes to support a timelier return of inflation to our 2% goal,” Waller said Thursday in Istanbul. “The hikes do not need to come at consecutive meetings, but they should be in place in an acceptable period of time.”
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.