Treasury Yields Surge, Dragging Wall Street into the Red
Wall Street ended the week in the red after a nearly 20-basis-point jump in the U.S. 10-year Treasury yield to 4.97%.
The latest consumer price index inflation report showed a 0.4% month-over-month increase in August, matching Wall Street estimates and accelerating from July's 0.1% gain.
State Street Financial Sel Sec SPDR ETF XLF declined 1.46% to $57.25.
Royal Bank of Canada RY led the decliners among megacap stocks, retreating 2.91% week-over-week to $205.90, while Mastercard MA and Visa V also saw notable declines of 2.82% and 2.19%, respectively.
Wells Fargo WFC topped the gainers in the category, advancing 1.23% from the prior week to close at $90.29.
Crypto stocks Hut 8 HUT (+11.93% W/W) and IREN IREN (+5.23% W/W) led the largecap gainers, while Circle Internet CRCL (-12.23% W/W) and Carlyle Group CG (-11.33% W/W) topped the losers in the category.
Blue Owl OWL retreated 10.81% to $10.56 amid fresh valuation practices concerns, including a significant write-down of its loans to Loparex.