Stock market today: Wall Street buckles under higher bond yields as Dow wipes out gain for the year

[Omaha Steve]

Source: AP

By STAN CHOE
Updated 3:49 PM CDT, October 3, 2023

NEW YORK (AP) — Wall Street fell sharply Tuesday as it focused on the downside of a surprisingly strong job market.

The S&P 500 dropped 1.4% to its lowest point in four months. The Dow Jones Industrial Average tumbled 430 points, or 1.3% and wiped out the last of its gains made for the year so far. Some of the heaviest losses came from Big Tech stocks, which sent the Nasdaq composite to a market-leading loss of 1.9%.

Stocks fell as the pressure on them cranked even higher from rising Treasury yields in the bond market. Such weight has been the main reason the S&P 500 has lost more than 40% of its value since the end of July, after charging higher for much of the year.

The 10-year Treasury yield climbed again Tuesday, up to 4.79% from 4.69% late Monday and from just 0.50% early in the pandemic. It touched its highest level since 2007 and rose after a report showed U.S. employers have many more job openings than expected.

Read more: https://apnews.com/article/stock-market-bonds-hong-evergrande-oil-c7bda0ee7c1bca979a201c45e3e4f891

[ArkansasDemocrat1]

1. The Oligarchs throw a fit whenever Labor is strong

Fuck the stock market. It's a boot on our necks.

[Yavin4]

5. Changing demographics will make labor stronger no matter what the Fed does.

More workers are retiring and less new workers are coming into the labor markets.

[Puppyjive]

6. Spot On

I remember having the conversation with my husband during the 08 recession. I told him the tides would turn because we will have a labor shortage. I attribute it to smaller family size. And family size is getting smaller. Young people can't pay rent. They don't want to have children they can't afford. I don't blame them. But hey, the mortgage industry is rich! Rich with greed. Can't wait until these young people stick it to the generation of greed. They deserve to get roasted.

[orangecrush]

11. This

[LudwigPastorius]

2. Hard for investors to have confidence when House Republicans...

take out one of their own for cutting a deal and NOT shutting the government down.

What a bunch of assholes.

[Alexander Of Assyria]

9. AP journoforgot to mention the political instability and crisis after crisis created by republicans.

The so called analysis of the jobs report is laughable without mention of the fascist clown show…but that apparently is their new job…cover for republicans.

[IronLionZion]

3. Because jobs are bad for some people

Empowered workers are unions are too much for some of these "job creators" to handle. Maybe raise their taxes since they created too many jobs

[Tomconroy]

4. Sept and Oct are usually the worst months for stocks.

[Roy Rolling]

7. Mark Twain

“October is a particularly dangerous month for stocks. Followed closely by November, December, January, February, March, April, May, June, July, August, and September.”

[Tomconroy]

8. Mark was a notoriously bad investor.

[Wonder Why]

10. "The world is coming to an end!" When have I heard that before?

1973? 1980? 1981? 1990? 2001? 2008? 2020?

Somehow it didn't.

[Dyedinthewoolliberal]

12. Yawn.

I can't even understand half of what was written.