Traders at work at the New York Stock Exchange on September 30, 2026.
new york stock exchange
The S&P 500 fell on Thursday as Micron Technology Inc.’s blockbuster results and a spike in U.S. Treasury yields weighed on much of the market.
The overall market index fell 0.2% last time. Nasdaq Composite It fell 0.1%. of Dow Jones Industrial Average It traded 215 points (0.1%) lower.
Markets started higher in October even as investors’ two biggest concerns persisted: oil and interest rates.
of 10 years US Treasury The yield hit an intraday high of 5.342%, its highest level since 5.379% on April 3, 2002. The yield on the 30-year Treasury note was 5.663% on Thursday, also near its lowest level in about 24 years.
“Stock prices are near record levels, but with government bond yields also at multi-decade highs, there are questions about how long this rally will last,” Hardika Singh, economic strategist at Fundstrat, said in a note Thursday.
WTI crude rose 1.3% to over $91 a barrel as traders waited to see President Donald Trump’s next move on the Iran conflict and whether he would wait until after the midterm elections before taking further military action.
Micron made a huge profit last quarter with sales quadrupling. However, the stock has already risen more than 200% this year, and no bids were made. The stock price fell 3%.
Tech stocks led the overall market in September as most benchmark stocks declined. This pattern held through early Wednesday morning, with most non-tech stocks either weak or flat.
Micron has an 87% profit margin, but plans to raise employee wages, which will reduce profit margins compared to market expectations. Micron CEO Sanjay Mehrotra told CNBC on Thursday that he was “extremely pleased and proud to inspire our team members with our record-setting business results.”
