[New York Stocks] Oil Prices, Treasury Yields Rise... All Three Indexes Fall

Houthi Rebels Attack Saudi Arabia... Oil Prices Rise

U.S. long-term Treasury yields rose to their highest level since 2002, while international oil prices also climbed, sending all three major U.S. stock indexes lower early in trading on October 7 (local time).

As of 9:40 a.m. in New York, the Dow was trading at 51,060.19, down 461.09 points (0.89%) from the previous session. The S&P 500, which tracks large-cap stocks, fell 47.25 points (0.60%) to 7,771.68, while the Nasdaq, which is weighted toward technology stocks, dropped 237.87 points (0.86%) to 27,362.01.

New York Stock Exchange. New York, U.S. = Correspondent Hwang Yunju

Investor sentiment was dampened by international oil prices and Treasury yields. Oil prices resumed their upward trend, amid growing concerns about crude oil supplies in the Middle East after Houthi rebels attacked Saudi Arabia.

On the New York Mercantile Exchange, U.S. West Texas Intermediate (WTI) crude for November delivery was up 1.44% from the previous session at $90.74 per barrel. On the ICE Futures Exchange, Brent crude for December delivery was trading at $102.34 per barrel, up 1.77% from the previous session.

U.S. Treasury yields also resumed their climb. The benchmark 10-year Treasury yield rose more than 8 basis points (1 basis point = 0.01 percentage point) to 5.356%, its highest level since April 2002.

The 30-year yield also rose more than 8 basis points to 5.725%, setting a new high since May 2002. The U.S. Treasury is scheduled to auction $39 billion in 10-year notes today.

Investors are also watching for the release today of the minutes from the U.S. Federal Reserve's September Federal Open Market Committee (FOMC) meeting. The Fed raised its benchmark interest rate last month for the first time since 2023, and the minutes could offer insight into officials' views on the possibility of further tightening and on the economy and inflation.

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