The Dow fell nearly 0.9% on Wednesday and the S&P 500 slipped about 0.2% as the 10-year Treasury yield pushed to a fresh multi-decade high near 5.29%, overshadowing a softer-than-expected reading on US inflation. Technology shares held up better, lifting the Nasdaq Composite about 0.2%, while European stocks closed lower on the final day of a difficult September.
Today’s numbers
| Market | Close | Change |
|---|---|---|
| S&P 500 | about 7,655 | −0.2% |
| Nasdaq Composite | about 26,861 | +0.2% |
| Dow Jones Industrial Average | 50,906 | −0.9% |
| Euro Stoxx 50 | — | −0.8% |
| DAX (Germany) | 25,199 | −0.8% |
| IBEX 35 (Spain) | 19,426 | −0.5% |
| US 10-year Treasury yield | about 5.29% | Higher (from 5.26%) |
| EUR/USD | about 1.13–1.14 | Little changed |
| Brent crude (Dec.) | about $98/bbl | Higher |
| WTI crude | about $90/bbl | Up about 1% |
| US natural gas | about $3.0/MMBtu | Little changed |
| Gold | about $4,210/oz | Up about 0.8% |
| Bitcoin | near $84,000 | Choppy |
Figures are rounded where sources differed slightly. Gold and oil are front futures prices around the US close.
What moved markets
The day’s main data point was the personal consumption expenditures (PCE) price index, the Federal Reserve’s preferred inflation gauge. Core PCE, which strips out food and energy, rose 0.2% in August, below the 0.3% economists expected, and held at 3.0% from a year earlier. Headline PCE rose 3.4% year over year. Private-sector hiring also came in stronger than forecast, with payroll processor ADP reporting about 90,000 new jobs in September.
The combination initially lifted stocks and cooled bets on another Fed rate increase in October; the Associated Press cited futures pricing putting the odds at roughly one in three, down from about even a day earlier. But long-term bond yields kept rising. The 10-year yield ended near 5.29% and the 30-year near 5.64%, levels that raise borrowing costs across the economy. Stocks faded into the close, with the blue-chip Dow hit hardest.
Among individual names, Intel rose about 3.7%, extending a strong month for chipmakers. Hewlett Packard Enterprise climbed after raising its forecast for AI networking revenue. Moderna fell more than 5% after Citi issued a sell rating, and Jabil dropped even though its quarterly results beat expectations. Micron was due to report results after the bell, a closely watched test for AI-related memory demand.
In Europe, the Euro Stoxx 50 lost about 0.8% and Germany’s DAX 0.8% after preliminary data showed German inflation rising to 3.3% in September, adding pressure on the European Central Bank. The DAX ended September down about 4%, and Spain’s IBEX 35 lost 2.7% over the month.
Energy & commodities
Oil moved higher, with Brent’s December contract up close to 2% at around $98 a barrel and US crude near $90, as uncertainty over US-Iran talks and the Strait of Hormuz kept a risk premium in prices. Crude at these levels keeps gasoline, diesel and heating oil expensive heading into the colder months. US natural gas, a key input for electricity and home heating, was steady around $3 per million British thermal units. If you are bracing for higher winter costs, our guide on how to lower your electric bill covers practical steps. Gold gained about 0.8% to roughly $4,210 an ounce.
What to watch tomorrow
- Market reaction to Micron’s results, released after Wednesday’s close.
- US weekly jobless claims (8:30 a.m. ET) and the ISM Manufacturing PMI for September (10:00 a.m. ET).
- Nike’s quarterly results after the close, a read on consumer spending.
- Positioning ahead of Friday’s US September jobs report and euro-area flash inflation.
See our economic calendar for the full schedule.
Sources
- Associated Press via CP24: Wall Street on September 30
- Kiplinger: Stock market today, September 30
- TheStreet: Stock market today, September 30
- Yahoo Finance: Markets live, September 30
- Investing.com: Nasdaq Composite and S&P 500
- Trading Economics: US stock market and Brent crude
- Yahoo Finance: Core PCE inflation rises 0.2% in August
- dpa-AFX via onvista: Frankfurt close
- Noticias Bancarias: IBEX 35 close
- InstaForex: European stocks fall in September
- Investing.com: US natural gas futures
This is general market information, not investment advice. Data may be delayed.
Written by The Daily Economy editorial team with AI assistance and checked against the sources above. Read our editorial policy.