Wall Street is drifting Friday as it heads toward the end of its worst week in a month.
The S&P 500 was 0.2 per cent lower in early trading and on track to break a two-week winning streak. The Dow Jones Industrial Average was down 31 points, or 0.1 per cent, as of 9:45 a.m. Eastern time, and the Nasdaq composite was 0.2 per cent lower.
The stock market has been struggling under the weight of the bond market, where the yield on the 10-year Treasury has shot to the edge of 5 per cent for the first time since 2007. High yields make borrowing more expensive for everyone, and they slow the economy while dragging on prices for stocks and other investments.
The yield on the 10-year Treasury was sitting at 4.90 per cent, down from 4.99 per cent late Thursday. But it was again just a hair below 5 per cent earlier in the morning, according to Tradeweb. It's been catching up to the Federal Reserve's main interest rate, which is already above 5.25 per cent at its highest level since 2001.
Yields swung a day earlier after investors took comments from Federal Reserve Chair Jerome Powell to indicate the central bank won't raise its main interest rate at the end of the month. But financial markets are less sure about what the Fed will do after that, and the central bank has said its upcoming moves will depend entirely on how inflation and the job market behave.
The Fed has raised its overnight interest rate at a furious pace in hopes of suffocating high inflation, which has come down from its peak last summer. But a rise in oil prices is threatening to add more upward pressure, and crude climbed again amid worries about war in the Middle East.
A barrel of benchmark U.S. oil added 0.6 per cent to US$88.89. It's been bouncing around since the latest Hamas-Israel war began, after leaping from US$70 to more than US$93 through the summer. Brent crude, the international standard, rose 0.9 per cent to US$93.19 per barrel.
On Wall Street, SolarEdge tumbled 29.3 per cent after the solar technology company slashed its sales and profit expectations for the current quarter. The company, based in Tel Aviv, Israel, said the war there was not a factor. Rather, it was a slew of order cancellations in Europe due in part to slower-than-expected installation rates.
Other solar stocks also fell, including an 11.9 per cent drop for Enphase Energy.
Regions Financial sank 13.2 per cent after it reported weaker profit than expected for the latest quarter. Focus has been on the banking industry outside its biggest titans. It was under heavy pressure earlier this year after high interest rates helped cause three high-profile collapses of U.S. banks.
Other regional banks were also weaker. Comerica fell 6.3 per cent despite reporting better profit for the summer than expected. Huntington Bancshares sank 4.8 per cent after likewise topping earnings forecasts.
SLB, formerly known as Schlumberger, fell 4.2 per cent despite reporting stronger profit than expected for the summer. Its revenue fell just shy of analysts' expectations.
On the winning side of Wall Street was Knight-Swift Transportation. The trucking company jumped 12.8 per cent after reporting stronger profit for the latest quarter than expected.
In stock markets abroad, indexes slumped across Europe and Asia.
AP Business Writers Zimo Zhong and Matt Ott contributed.
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Open AI Chief Executive Officer Sam Altman (C) speaks at the Advancing Sustainable Development through Safe, Secure, and Trustworthy AI event on Sept. 23, 2024, in New York. (Bryan R. Smith/Pool Photo via AP)
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