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2d ago

Global Markets Slide as US Credit Downgrade and Treasury Yields Shake Confidence

US stocks, bonds, and the dollar tumble, with Treasury yields hitting multi-month highs, following Moody's downgrade and weak 20-year note auction.

The S&P 500 on Wednesday fell for the second day in a row.
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Bitcoin reached an all-time high of more than $109,600 before dropping in the later hours of the day.

Overview

  • The Dow dropped 717 points (1.6%), the S&P 500 declined 1.13%, and the Nasdaq fell 0.85%, marking a second consecutive day of losses.
  • Treasury yields surged, with 10-year yields surpassing 4.59% and 30-year yields exceeding 5%, reflecting heightened investor concerns over US debt sustainability.
  • Moody's recent downgrade of US government debt has raised alarm about the nation's fiscal outlook, stripping the US of its last perfect credit rating.
  • Target's stock fell 5.3% after reporting weaker-than-expected profits and cutting its full-year forecast, contributing to broader market unease.
  • Global markets are reacting to US fiscal uncertainty, with ASX futures signaling a 0.8% drop and international bond yields mirroring US trends.