3 Days of Losses: Dow, S&P, Nasdaq Slide as Yields, Oil Rise

US stocks fell for a third straight session on Wednesday. Rising Treasury yields and another jump in oil prices weighed on sentiment. The Dow Jones Industrial Average dropped 405.41 points, or 0.77%, to 52,380.66. The SP 500 slipped 0.48% to 7,636.36. The Nasdaq Composite fell 0.64% to 26,253.34. Treasury Buyback Sends Yields Higher The Treasury Department said it will triple its buyback of longer-dated debt to $6 billion. The move failed to stop the 10-year yield from climbing to 4.84%, its highest level since November 2023. The 10-year Treasury Yield is inching towards 5%. Image Source: CNBC Some traders had bet on an even bigger repurchase. Peter Boockvar of The Boock Report said Wall Street expectations ran as high as $7 billion to $8 billion. Thomas Martin of Globalt Investments pointed to an unusual standoff in sentiment. You look at equity sentiment, and its at an extreme. At the same time, the sentiment for higher interest rates is also at an extreme. Those two things shouldnt be able to live together for very long. Martin, CNBC Oil Extends Its Climb on Iran Tensions Brent crude settled up 3.36% at $101.21 a barrel, its highest close since May. West Texas Intermediate (WTI) gained 3.25% to $96.05. Escalating tensions between the US and Iran have stoked fears of disruption to Middle East energy supplies. The pressure builds on a strained bond market already rattled by the standoff. Similar fears already sent Asian equity benchmarks lower earlier this month. Separate strikes had pushed oil to a multi-week high at the time. Martin said a move toward $120 a barrel would grab the markets full attention. Wednesdays run has not yet reached that level. The losses followed the Dows worst single day in nearly three weeks on Tuesday. That session opened a holiday-shortened week after Mondays Labor Day closure. Read the article at BeInCrypto