Stock Market Midday, Sept. 24: Stocks Slide as Treasury Yields Climb, Oracle Declares Force Majeure

As of 11:37 AM ET, the S&P 500 (^GSPC -0.06%) is down 0.48% to 7,669, the Nasdaq Composite (^IXIC -0.26%) has fallen 0.77% to 26,739, and the Dow Jones Industrial Average (^DJI -0.25%) is trading 0.71% lower to 51,144 as markets extend yesterday’s decline, driven by a persistent bond sell-off.

Gold is down 0.82% to $4,253.63, and the 10-Year Treasury yield is climbing to 5.16%. Sector-wise, technology and basic materials stocks fell, while energy and communication services saw the biggest gains.

Today’s biggest moves

Oracle fell almost 5% this morning following news reports that it had invoked a force majeure in relation to a New Mexico data center project, raising investor concern about delays. Meta Platforms gained after the debut of Meta VR glasses and a new handheld device that works with the recently-launched Muse AI agent. United Parcel Service dropped on an analyst downgrade.

What this means for investors

Bond yields continued to rise today, with the 30-year Treasury yield reaching its highest point in over two decades. Inflation fears, geopolitical uncertainty, the artificial intelligence (AI) boom, and national debt have all helped to drive yields higher and contributed to a risk-off mood on Wall Street.

High yields impact business and consumer borrowing, making mortgages and other loans more expensive. Investor worries about higher rates are understandable, but as with many financial moves, it is important not to panic. Although stocks have fallen in recent days, JPMorgan’s global investment strategy co-head thinks equities can continue to climb, arguing that high yields may reflect a growing economy that needs capital. As such, companies with strong fundamentals may still meet and exceed expectations in 2027.