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The S&P 500 Index closed down 0.28% on Wednesday, while the Dow Jones Industrial Average fell 0.37% and the Nasdaq 100 dropped 0.31%. Rising bond yields, particularly the 10-year Treasury note yield which increased to 4.15%, triggered long liquidation pressure in equities.
U.S. new home sales surged by 20.5% month-over-month in August, reaching a three-and-a-half-year high of 800,000, significantly exceeding forecasts of 650,000. Additionally, MBA mortgage applications rose 0.6% in the week ending September 19, with the average 30-year fixed mortgage rate declining to 6.34%.
During the trading session, Freeport-McMoRan’s stock plummeted over 16% following a force majeure declaration on copper supplies due to a mudslide at its Indonesian mine. In contrast, chipmaker Marvell Technology’s stock surged 7% after announcing a new $5 billion share repurchase program.
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