- US stocks opened higher on October 1 despite a global bond selloff
- Nasdaq Composite rose 0.37% to 26,959.32 by 9:31 am ET
- S&P 500 advanced 0.17% to 7,664.51 at market open
Major US stocks slumped duirng the trading hours on Thursday, October 1 as benchmark yield jumped to the highest since 2002 amid renewed selloff in global bonds.
Nasdaq Composite fell 0.10% to 26,833.36, S&P 500 declined 0.29% to 7,629, while Dow Jones Industrial Average slipped 0.42% ti 50,693.79 by 10:25 am ET or 7:55 pm IST.
US stocks opened higher on Thursday, October 1, with Nasdaq Composite opening 0.37% higher 26,959.32, while S&P 500 and Dow Jones Industrial Average advancing 0.17% to 7,664.51 and 50,990.95 respectively by 9:31 am ET or 7:01 pm IST.
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The yield on the 10-year Treasury yield climbed as much as six basis points to 5.34% on Thursday, crossing its 2007 peak. This comes days after the rate of 30-year US bonds hit a 24-year high. Government debt has been risong across the world as higher oil prices, driven by the war in the Middle East extend across the global economy, leading investors to expect futher interest rate hikes by central banks. High government borrowing and strong investment in artificial-intelligence infrastructure is adding to the demand for capital, raising borrowing costs
Meanwhile, US unemployment benefits application touched the lowest level since July, while continuing claims fell to a three-year low, highlighting healthy labour-market conditions. Initial jobless claims dropped by 1,000 to 197,000 in the week ended Sept. 26, according to Labor Department data released Thursday. Continuing claims, a proxy for the number of people receiving benefits, declined by 11,000 to 1.7 million in the week ended Sept. 19, the lowest since March 2023.
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