Stock Market Declines Amid Bond Sell-Off and Rising Treasury Yields

The stock market continued its decline on September 24, with all major indices down by midday. The S&P 500 fell 0.48% to 7,669, while the Nasdaq Composite dropped 0.77% to 26,739. The Dow Jones Industrial Average was trading 0.71% lower at 51,144.

The declines were driven by a persistent bond sell-off, which saw the 10-Year Treasury yield climb to 5.16%. Gold prices also fell, down 0.82% to $4,253.63.

Among individual stocks, Oracle plummeted almost 5% after announcing it had invoked a force majeure on its New Mexico data center project. Meta Platforms saw gains, however, following the release of new VR glasses and a handheld device that works with the recently-launched Muse AI agent.

JPMorgan's global investment strategy co-head believes equities can continue to climb despite high yields, arguing that they may reflect a growing economy in need of capital. This view is in line with some investors who see high yields as a sign of economic growth rather than inflation or recession.