US Stocks Plunge as Long-term Yields Reach 19-Year High and Oil Prices Soar

The New York stock market saw significant losses across major indices on the 23rd, as rising US long-term interest rates and higher crude oil prices weighed on investor sentiment.

The Dow Jones Industrial Average fell by 352.10 points to close at 51,511.59, marking its second consecutive decline. The tech-heavy Nasdaq Composite dropped 308.24 points to 26,936.04, snapping a four-session winning streak.

The downturn was attributed to fading hopes for progress in US-Iran ceasefire negotiations and growing expectations of another rate hike at the October Federal Open Market Committee (FOMC) meeting, which drove long-term yields higher.