Stocks Sink Amid Rising Yields and Oil Prices, Except for Apple

The US stock market fell on the first trading day of September due to rising yields and oil prices. The Nasdaq Composite dropped 0.56%, the Dow slipped 0.39%, and the S&P 500 declined 0.35%. Apple, however, bucked this trend with a 3% gain.

The 10-year Treasury yield reached its highest level since January 2025 at around 4.8%, while oil prices continued their fifth consecutive increase. This surge in oil and rising yields has led to inflation concerns, which in turn have boosted Treasury yields. As a result, expensive growth stocks are suffering.

Microsoft and Alphabet both fell over 1% as the tech sector failed to find support from Apple's gains. The major indexes were also weighed down by the Fed's hawkish stance, with Governor Michael Barr stating that he would support a rate hike if inflation doesn't ease convincingly.