US Stocks Plunge as Treasury Yields Reach Multi-Decade Highs

The US stock market experienced a sharp decline on Monday, September 29, as Treasury yields surged to multi-decade highs and crude oil prices rose. The Dow Jones Industrial Average fell by 347.52 points, or 0.67%, closing at 51,481.10. The S&P 500 lost 59.53 points, or 0.77%, settling at 7,683.88, while the tech-heavy Nasdaq Composite dropped 248.34 points, or 0.92%, ending at 26,820.38.

The decline was driven by a surge in long-dated bond yields, with the 10-year Treasury yield reaching levels last seen in 2007. This sharp rise in yields put pressure on rate-sensitive sectors, leading to losses across cyclical and industrial names. However, some defensive and energy-linked constituents managed to gain.

Among the major decliners were Boeing, which fell 6.89% after a software glitch raised safety concerns, and Qualcomm, which plummeted 7.17%. Intel dropped 5.55%, while Meta Platforms shed 4.79%. On the other hand, NVIDIA rose 1.66% after announcing a $150 billion increase to its share buyback program.