Wall Street falls, US yields hit 2007 high on Sept 24, 2026

1. US BOND YIELDS SURGE TO 2007 HIGH: The 10-year Treasury yield jumped about 15 basis points to 5.11%, the highest since July 2007 and the biggest one-day rise since April 2025. The 2-year yield climbed to 4.89%, the highest since May 2024; the 5-year yield broke above 5% for the first time since 2007 after a weak $70 billion five-year note auction. Strong US PMI data and expectations of further Fed tightening drove the move, pressuring equities and lifting the dollar.

2. WALL STREET FALLS, SNAPPING WIN STREAK: At the September 23 close, the Dow Jones Industrial Average lost 352.10 points, or 0.68%, to 51,511.59; the S&P 500 fell 0.75% to 7,706.05; the Nasdaq Composite dropped 1.13% to 26,936.04, ending a four-session winning streak. Rising yields and comments from Fed Governor Michael Barr that further rate increases may be needed to bring inflation to 2% weighed on risk appetite.

3. EUROPEAN STOCKS SLIP, ASIA SEEN LOWER: Europe's STOXX 600 declined 0.37% to 639.92; Germany's DAX fell 0.66% to 25,410.63; France's CAC 40 lost 0.39%; Britain's FTSE 100 dipped 0.03% to 10,705.26. In Asia, ASX 200 futures, Hong Kong and Australian index futures pointed lower for the September 24 session; South Korean markets were closed. Wall Street's pullback and rising energy costs contributed to the cautious tone.

4. OIL JUMPS, GOLD AND BASE METALS RETREAT: WTI for November delivery rose $1.64, or 1.81%, to settle at $92.16 a barrel; Brent for November delivery rose $3.83, or 3.86%, to $103.08 a barrel, back above $100 on Middle East supply risks and speculation about US diesel export curbs. COMEX gold fell 1.23% to $4,322.70 an ounce and silver lost 2.40% to $64.93 an ounce, pressured by higher yields and a stronger dollar. LME copper declined 0.90% to $14,615.5 a tonne. BHP's Escondida copper mine in Chile halted all operations after a fatal contractor accident; regulator Sernageomin is investigating and no restart date has been given. EIA data showed US commercial crude inventories rose 2.969 million barrels to 426 million barrels. India cut base import duties on crude and refined palm, soybean and sunflower oils, with crude palm and crude soy oil duties reduced from 10% to 5% ahead of the festival season.

5. US PMI ACCELERATES, OECD RAISES FORECAST: S&P Global flash September PMIs showed US business activity growing at its fastest pace in more than five years: manufacturing hit 57.0, a 52-month high; services hit 58.7, a 59-month high; composite hit 58.4, the highest since July 2021. Eurozone composite PMI rose to 53.1 from 52.0, a 41-month high. The OECD lifted its 2026 global GDP growth forecast to 2.9% from 2.8% and expects the Fed and ECB to hike once more in 2026 before holding rates in 2027.

6. FED HIKE SIGNALS, PBOC LIQUIDITY STEP: Markets priced about 68% odds of an October Fed hike and fully priced three hikes over the next year; the US dollar index rose 0.58% to 101.13, EUR/USD fell 0.56% to 1.1384, GBP/USD fell 0.78% to 1.3240, and USD/JPY rose 0.60% to 158.3420. The South African Reserve Bank raised its key repo rate by 25 basis points to 7.25%, as expected. The People's Bank of China will conduct an 800 billion yuan one-year MLF operation on September 24; the US Treasury will buy back up to $6 billion of longer-dated debt on September 24, triple the originally planned size.

7. HORMUZ TENSIONS AND US-CHINA MEETING: Iranian President Masoud Pezeshkian said Iran will not allow freedom of navigation through the Strait of Hormuz while sanctions and a US naval blockade remain in place; President Trump called UN-sideline talks with Iran "very productive". President Trump is set to host Chinese President Xi Jinping in Washington on September 24, with the US open to extending the China trade truce that expires on November 10. On US diesel exports, a Politico report on a possible 90-day export suspension was disputed by the White House; Energy Secretary Chris Wright said the administration is working with refiners on voluntary export curbs.

Điều cần theo dõi hôm nay: The PBOC's 800 billion yuan MLF operation and the Trump-Xi meeting in Washington.

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