Mixed US Market Open as Treasury Yields Rise and Fed Minutes Awaited
US stock markets opened on a mixed note Monday, as elevated Treasury yields tempered investor enthusiasm. The Dow Jones Industrial Average dropped 0.26% to 51,043.45, while the S&P 500 and Nasdaq Composite rose 0.29% and 0.55%, respectively. The 10-year Treasury yield climbed to 5.303%, its highest level in over two decades, raising concerns about higher borrowing costs and their potential impact on equities.
Investors are closely watching for minutes from the Federal Reserve's latest meeting, set to be released Wednesday, for clues on future monetary policy. Meanwhile, economic data showed strong September growth, with the S&P Global services PMI jumping to 58.8 and the composite PMI rising to 58.4, marking the strongest expansions in over five years. The ISM Services PMI also indicated continued growth, though it eased slightly to 54.9 from 55.4.
Among individual stocks, Cisco Systems (CSCO) and Microsoft (MSFT) led gains in the Dow, rising 2.14% and 1.74%, respectively. However, Intel (INTC) and Caterpillar (CAT) saw significant declines, falling 6.04% and 2.46%. In the S&P 500, Seagate Technology (STX) surged 11.04%, while Nektar Therapeutics (NKTR) dropped 8.63%. The Nasdaq 100 saw Seagate Technology (STX) and Mercadolibre (MELI) as top performers, while Qvc Group (QVCGA) and Intel (INTC) were among the biggest decliners.