US-China Trade Truce Extended, Global Markets Slide

Global stock markets continued their downward trend on Thursday, with the Nasdaq Composite falling 0.8%, the Dow 0.6%, and the S&P 500 0.5% by late morning.

The US-China trade truce was extended by two months past its November 10 expiration date, but it's shorter than expected, with China wanting it to stretch into 2029.

The 30-year Treasury yield hit 5.446%, its highest since June 2004, while the 10-year bond yield reached 5.15%, matching a July 2007 high.

Mortgage rates soared to a multi-year high of 7.1% as a result.

The Dow's drop was largely attributed to two stocks: Goldman Sachs, which fell 2.2% and took out 119 points, and Caterpillar, which dropped 2.1% for another 100 points.