Traders work at the New York Stock Exchange on Sept. 30, 2026.
NYSE
The S&P 500 fell on Thursday as surging Treasury yields weighed on most of the market along with a blockbuster earnings report from Micron Technology.
The broad market index was last down 0.2%, and the Nasdaq Composite slipped 0.1%. The Dow Jones Industrial Average traded 215 points lower, or 0.1%.
The market started October higher even as two of the biggest concerns of investors persisted: oil and rates.
The 10-year U.S. Treasury yield hit an intraday high of 5.342% to reach its highest level going back to April 3, 2002, when it went up to 5.379%. The 30-year bond yield was at 5.663% on Thursday, also around levels not seen in about 24 years.
“Stocks are near records, but with government bond yields also at multidecade highs, there are questions about how long this rally can last. Some investors also expect higher interest rates to undo the decades-long ‘there is no alternative’ to stocks regime,” Hardika Singh, economic strategist at Fundstrat, said in a Thursday note.
WTI crude gained 1.3% to above $91 a barrel as traders awaited what President Donald Trump’s next move would be in the Iran conflict and whether he would wait until after the midterms before taking more military action.
Micron posted blockbuster earnings with revenue quadrupling last quarter. However, the stock failed to catch a bid having already risen more than 200% this year. Shares were down 3%.
Tech shares led the broader market in September as a majority of the stocks in the benchmark declined. That pattern held early Wednesday with most stocks outside of technology weaker or flat.
Micron is reaping 87% profit margins but is planning to increase worker pay, which will dampen margins relative to Street expectations. “We are very pleased and proud to be able to incentivize our team members in line with our record performance,” Micron CEO Sanjay Mehrotra told CNBC on Thursday.