Treasury Yields Hit New Highs Amid US Stocks Selloff
US stocks are falling as Treasury yields reach their highest level since 2004 and ahead of the Trump-Xi summit.
The Dow Jones Industrial Average (DJIA) futures fell by 0.20%, while S&P 500 futures dropped by 0.35% and Nasdaq futures plummeted by 0.84%. The US 30-year Treasury yield reached a high not seen since 2004, further increasing borrowing costs.
The strong US PMI data released yesterday added to inflationary concerns, causing oil prices to rise as diplomatic hopes between the US and Iran fade. Brent crude rose above $106 per barrel, while WTI is around $93.