Markets End Lower for Week; US 10-Year Yield Hits 5%; Oil Slips
The Dow Jones Industrial Average and S&P 500 closed the week with losses, while the Nasdaq Composite rose slightly. The tech-heavy Nasdaq gained 0.4% on Friday and ended up 0.7% for the week. In contrast, the blue-chip Dow fell by 1.7% over five sessions, marking its third consecutive losing week. Meanwhile, U.S. Treasury yields climbed as the 10-year yield hit a key milestone of 5%, rising seven basis points from Thursday's close. Investor focus has shifted to potential future Federal Reserve rate hikes after it raised rates for the first time in three years on Wednesday. According to CME FedWatch, traders are pricing in a 55% chance of another quarter-point hike at its October meeting and nearly certain increases by December. Oil prices declined as concerns over a Saudi Arabian pipeline closure eased; West Texas Intermediate fell below $100 per barrel while Brent crude dropped to around $103.25. Berkshire Hathaway announced that Warren Buffett is stepping down as chairman, with his son Howard taking the role. Meanwhile, crypto-related stocks like Robinhood and Coinbase rose sharply on a rebound in Bitcoin prices.
Topics: Dow Jones Nasdaq Composite oil prices S&P 500 Treasury yields