The Nasdaq fell 1% a day after hitting a record high due to rising oil prices and a new high in Treasury yields
Oil prices rose at the fastest pace in two weeks
Photo: Unsplash/Evgenii Vasilenko
The Nasdaq Composite “tech” index fell 1.1% at the close of trading on Wednesday, September 23—one day after setting a new all-time high. The Nasdaq 100, which includes the 100 largest companies by market capitalization, fell 0.85%. Other indices also closed in the red: the S&P 500 lost 0.75%, and the Dow Jones Industrial Average fell 0.68%. The Russell 2000 index of small- and mid-cap companies dropped 1.77%.
Stocks fell on Wednesday amid a renewed rise in U.S. Treasury yields: they spiked following the release of strong PMI business activity indices, which hit 53- and 59-month highs for the manufacturing and services sectors, respectively, according to CNBC. The yield on 10-year Treasuries rose to 5.135%—the highest level since July 2007. During the day, it rose at the fastest pace since April 7, 2025. The yield on 2-year U.S. Treasury bonds rose to its highest level since May 2024.
The spike in oil prices on Wednesday was the sharpest in two weeks, according to MarketWatch. Brent futures rose 3.9% to $103.08. This brought an end to a five-day losing streak for oil. The rise in prices boosted oil company stocks: The State Street Energy Select Sector SPDR ETF gained 1% after closing the previous day at a six-week low, MarketWatch added.
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