By William Collins, consultant in stock markets – Eurasia Business News, September 24, 2026. Article no 3184
U.S. stocks ended mixed on Thursday, September 24, as the Treasury selloff intensified and government-bond yields reached fresh multi-decade highs. The 10-year Treasury yield climbed to 5.163% intraday, while the 30-year yield reached its highest level since June 2004, reinforcing investor concerns that persistently high borrowing costs could undermine stock valuations and economic growth.
The Dow Jones Industrial Average fell 0.3%, while the S&P 500 and Nasdaq Composite recovered from deeper intraday losses to finish approximately flat. Energy-market volatility and emerging discussions over a possible phased reopening of the Strait of Hormuz helped equities stabilize late in the session, even as oil prices rose sharply.
Treasury Yields Reach New Highs
The 10-year Treasury yield increased by roughly 5 to 8 basis points to end near 5.16%–5.19%, extending a bond-market decline that has pushed long-term U.S. borrowing costs to their highest levels in 19 years. The yield on the 30-year Treasury rose to 5.46%–5.47%, its highest close since June 2004. The 2-year yield, which is more sensitive to expectations for Federal Reserve policy, moved to approximately 4.90%–4.91%.
Bond yields rise when bond prices fall. Investors have been selling Treasuries as they reassess the outlook for inflation, higher oil prices, increased government borrowing and the likelihood of further Federal Reserve tightening.
The move carries major consequences for households and businesses. The 10-year yield helps set interest rates on mortgages, corporate debt, auto loans and commercial real estate financing. A yield above 5% makes credit more expensive across the economy, potentially reducing housing activity, business investment and consumer spending.
| U.S. Treasury maturity | September 24 level | Why it matters |
|---|---|---|
| 2-year Treasury yield | About 4.90% | Closely tied to anticipated Fed-rate moves |
| 10-year Treasury yield | 5.16%–5.19% | Benchmark for mortgages and corporate borrowing |
| 30-year Treasury yield | 5.46%–5.47% | Influences long-duration financing and pension valuations |
The global effect was also clear. Government borrowing costs rose in Europe and Asia as investors repriced long-term inflation and interest-rate risk. Higher U.S. yields can attract capital toward dollar assets, strengthen the dollar and tighten financial conditions worldwide.
Oil Rally Reinforces Inflation Concerns
Oil prices climbed as reports of Houthi attacks and uncertainty around Middle East shipping routes competed with news that Washington and Tehran were discussing a phased deal to restore commercial transit through the Strait of Hormuz.
Front-month Brent crude rose about 3.4% to $106.60 a barrel, while West Texas Intermediate crude traded near $94. The more than $11 spread between Brent and WTI highlights the premium on seaborne oil exposed to Middle East transport risks.
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Brent prices are especially sensitive to threats to shipping through the Strait of Hormuz because the benchmark represents crude delivered to international markets by sea. WTI is tied more closely to U.S. inland supply and export infrastructure. As a result, renewed risks to tanker flows, insurance costs and export routes can widen the Brent-WTI spread.
The prospect of a phased Hormuz reopening offered some late relief to markets. However, traders remained cautious because any agreement would depend on implementation, security guarantees and the ability of commercial vessels to resume transit safely.
Stocks Recover From Early Losses
Equity markets spent most of the day lower as higher yields weighed on valuations. Technology shares, which are particularly sensitive to rising discount rates, initially faced pressure. The Nasdaq and S&P 500 recovered toward the close as investors assessed the potential for easing tension around Hormuz.
Communication-services stocks led the gainers, while utilities were the worst-performing S&P 500 sector. Utilities are often treated as bond-like investments because of their steady dividends; higher yields reduce their relative appeal and raise their financing costs.
Among individual stocks, Nebius Group gained 7.4%, while MGM Resorts International fell 10.9%. The divergence underscored the selective nature of trading in a market dominated by macroeconomic uncertainty.
Despite the pressure from yields, some strategists noted that equity markets have held up better than the typical September pattern. Strong earnings momentum has so far helped offset the headwinds from inflation, oil and higher long-term borrowing costs.
U.S. Economic Data Remains Resilient
Economic data released Thursday did not point to an immediate slowdown. Initial jobless claims fell by 1,000 to 197,000 in the week ended September 19, indicating that layoffs remain low.
New-home sales rose 6.4% in August to an annualized rate of 684,000, well above the 615,000 consensus forecast. The result suggests that housing demand remains more resilient than expected despite high mortgage rates.
Strong economic data can be positive for corporate earnings, but it can also deepen bond-market concern because it gives the Federal Reserve more room to maintain a restrictive policy stance. In the current environment, signs of economic strength have sometimes pushed yields higher rather than lifting stocks.
Trump-Xi Trade Truce Extends to January
Markets were also monitoring the summit between President Donald Trump and Chinese President Xi Jinping. Treasury Secretary Scott Bessent said the United States and China agreed to extend their trade truce by two months, until January 10, avoiding planned tariff increases that had been due to take effect in November.
The extension lowers the immediate risk of a renewed tariff escalation between the world’s two largest economies. However, it does not resolve wider disputes over technology, Taiwan, market access, rare-earth materials and industrial policy.
Gold and Silver Prices Today
Gold prices weakened as elevated Treasury yields and a firmer dollar increased the opportunity cost of holding non-yielding bullion. Spot gold traded around $4,265.30 per ounce, down roughly 0.48% on the session. The live price data provided showed a late-New York bid of $4,265.90, down $20.10, or 0.47%, with an intraday range of approximately $4,244.00 to $4,304.10.
Spot silver traded near $63.47 per ounce, down about 1.34%. Precious metals faced pressure despite geopolitical uncertainty because rapidly rising bond yields and the stronger dollar outweighed safe-haven demand.
The key question for markets is whether the Treasury selloff can stabilize. Until yields retreat, oil risks ease and investors gain more clarity on Federal Reserve policy, global equities are likely to remain vulnerable to abrupt volatility.
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© Copyright 2026 – Eurasia Business News. Article no. 3184
