Stocks Plunge as 10-Year Treasury Yield Hits 15-Year High

US stocks declined on Wednesday as the benchmark 10-year Treasury yield reached its highest level since 2007.

The S&P Global flash US Composite PMI Output Index rose to 58.4 in September, its highest reading since July 2021, driven by a surge in new orders.

This stronger business activity data added to expectations that the Federal Reserve could raise interest rates again as inflation remains above the central bank's 2% annual target.

The benchmark 10-year Treasury yield jumped 8.7 basis points to 5.054%, while the two-year Treasury yield rose 8.49 basis points to 4.862%.