Wall Street Falls as Treasury Yields Hit Multi-Year Highs
U.S. stocks closed lower Tuesday as Treasury yields hit multi-year highs, with the Dow Jones Industrial Average falling 136 points, or 0.26%, to 51,345.41, while the S&P 500 and Nasdaq Composite also declined. The 30-year Treasury yield reached 5.621%, its highest since June 2002, and the 10-year yield rose to 5.293%, the highest since June 2007. Investors are awaiting key inflation and labor market data this week, including the PCE price index and jobs report. Market expectations for a Federal Reserve rate hike in October fell to 51.5% after New York Fed President John Williams suggested policymakers might take time to review data. AI stocks remained in focus as Anthropic's IPO prospectus highlighted growth alongside larger losses.