On Tuesday, the S&P 500 Index closed down by 0.17%, while the Dow Jones Industrial Average fell 0.26%. Conversely, the Nasdaq 100 Index rose by 0.21%. This mixed outcome followed a dramatic rise in the 10-year T-note yield, which reached a 19-year high of 5.29%, driven by weaker-than-expected U.S. economic data, including a drop in August JOLTS job openings to 7.079 million, a five-month low.
Additionally, the Conference Board’s consumer confidence index for September fell sharply by 6.7 points to 81.9, the lowest in 12 years, versus expectations of 89.0. In the energy sector, November WTI crude oil prices dropped over 3%, impacting inflation concerns. Market analysts are now pricing a 52% chance of a 25 basis point rate hike at the Federal Reserve’s upcoming meeting on October 27-28.
Overseas, the Euro Stoxx 50 rose 0.30% while Japan’s Nikkei-225 fell 0.60%. Notably, chipmakers saw gains, with the iShares Semiconductor ETF climbing over 1%, and Applied Materials rising more than 5% due to strong performance in AI and semiconductor stocks.
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