Wall Street edged back from record highs on Wednesday as the 10-year Treasury yield briefly touched its highest level since 2002 and Fed minutes pointed to another rate hike by year-end. European shares fell harder, led by a sell-off in bank stocks.
Today’s numbers
| Market | Close | Change |
|---|---|---|
| S&P 500 | 7,802 | -0.2% |
| Nasdaq Composite | 27,539 | -0.2% |
| Dow Jones | 51,180 | -0.7% |
| Euro Stoxx 50 | ~6,180 | about -1.5% |
| DAX | ~25,100 | about -1.5% |
| IBEX 35 | 19,118 | -1.7% |
| US 10-year Treasury yield | ~5.28% | little changed (intraday high ~5.36%) |
| EUR/USD | ~1.12 | about -0.6% |
| Brent crude | ~$101 | little changed |
| WTI crude | ~$89 | little changed |
| US natural gas | ~$3.2 per MMBtu | higher |
| Gold | ~$4,120 | about -1.3% |
| Bitcoin | ~$83,000 | about -2.5% |
US index closes per Yahoo Finance; other figures rounded where sources differed.
What moved markets
The bond market set the tone again. The 10-year Treasury yield climbed to around 5.36% during the session, its highest since 2002, before settling near 5.28%. The 30-year yield also hovered close to a 24-year high. Higher long-term yields raise borrowing costs across the economy, from mortgages to corporate debt, and make stocks look pricier by comparison.
US stocks spent most of the day in the red but trimmed losses after the minutes of the Federal Reserve’s September 15–16 meeting were released in the afternoon. The minutes showed most officials felt another rate increase would likely be appropriate by the end of the year, citing inflation that remains well above the Fed’s 2% target, higher oil prices tied to the Middle East conflict, earlier tariffs and heavy AI-related spending. Traders still saw only a small chance of a hike at the October 27–28 meeting, but odds of a move by December stayed high. The S&P 500 and Nasdaq each ended about 0.2% lower, a day after closing at records, while the Dow lost roughly 340 points and small caps fell more than 1%.
Among individual names, chipmakers Nvidia and AMD dipped slightly from all-time highs. Crypto-linked stocks such as Coinbase and Robinhood weakened as bitcoin slid toward $83,000. Online broker Webull dropped sharply after a congressional committee report alleged ties to China’s government, which the company disputes, and beer maker Constellation Brands fell after its quarterly results showed softer beer sales.
Europe had a rougher session. A global bond sell-off pushed up yields in the euro zone’s more indebted countries faster than in Germany, and bank shares took the brunt: Société Générale, Deutsche Bank, UniCredit and Intesa Sanpaolo were among the biggest decliners. Italy’s FTSE MIB lost about 2.5%, Spain’s IBEX 35 fell 1.7% to 19,118 as BBVA and CaixaBank dropped more than 3%, and the euro weakened against a firmer dollar.
Energy & commodities
Brent crude held around $101 a barrel and WTI near $89, little changed on the day. Prices traded above $100 at times, but reports of US-Iran talks, Saudi Arabia cutting its official selling prices and rising exports through alternative routes helped cap gains. Oil above $100 keeps pressure on gasoline, diesel and heating oil costs for households.
US natural gas futures rose for a fourth straight session to around $3.2 per million British thermal units, helped by slightly lower production and stronger demand from LNG export plants. With the heating season approaching, natural gas prices feed through to winter utility bills; our guide on heat pump vs. furnace costs looks at how fuel prices affect home heating. Gold fell more than 1% as yields and the dollar rose.
What to watch tomorrow
- US jobless claims (8:30 a.m. ET) for the week ended October 3, plus August wholesale inventories.
- A $22 billion 30-year Treasury bond reopening, a key test of demand after this week’s jump in long-term yields.
- Central bank speakers: Fed officials including St. Louis Fed President Musalem, and the account of the ECB’s September meeting.
- Earnings: PepsiCo in the US and Tesco in the UK.
See our economic calendar for the full schedule.
Sources
- Yahoo Finance – Stock market today, October 7
- Benzinga – Fed minutes hint at another hike this year
- CNBC – 10-year Treasury yield hits highest level since 2002
- Reuters via Investing.com – European bank shares fall as bond yields surge
- Forbes España – El Ibex cede un 1,7%
- Newsquawk – European closes
- Trading Economics – Brent crude and natural gas
- Key events this week (calendar)
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.