U.S. markets open October lower: 10-year bond yield hits a 24-year record of 5.35%, Brent oil passes $100

U.S. markets opened October lower on Thursday, with Wall Street’s main indices in negative territory, while the yield on 10-year Treasury bonds touched its highest level in 24 years and oil rose sharply, as Investopedia reports.

The Dow Jones fell by 0.4 percent and the S&P 500 by 0.1 percent, while the Nasdaq Composite remained almost unchanged in the first session of the fourth quarter. Pressure on stocks deepened after the 10-year Treasury yield touched around 5.35 percent early on Thursday – the highest level since April 2002.

Oil, meanwhile, posted a strong rise: the WTI price climbed by 1.4 percent to $91.70 a barrel, while Brent rose by around 3 percent, passing the $101 level, after Reuters reported that Chinese refineries have suspended fuel exports for October in order to give priority to supplying the domestic market. According to Barron’s, crude prices were also boosted by the lack of progress in the peace talks between the United States and Iran.

A day earlier, in the last session of the third quarter, the Nasdaq rose after August PCE inflation data came in softer than expected, while the Dow and S&P 500 pulled back. For September, the Dow and S&P 500 closed lower, while the Nasdaq ended in positive territory.

Among the most notable moves after earnings reports, Accenture shares rose by 22 percent, while McCormick and Micron fell by 2 percent each – Micron despite reporting better-than-expected results. Nike climbed by 1 percent ahead of reporting its results after the market close.