Major Indexes Plummet As Yields Continue Surge

Treasury yields are resuming their charge higher, with the 10-year bond earlier tapping a 19-year high of 5.041%, as investors gear up for the outcome of the Federal Reserve's two-day policy meeting, which began this morning. Despite a muted start to the day, all three major indexes have sold off, with the Dow Jones Industrial Average (DJI) off over 450 points, while the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) also sport notable losses. Meanwhile, West Texas Intermediate (WTI) crude is back on the rise, earlier topping $105 per barrel. 

United Airlines Holdings Inc (UAL) is 1.8% lower at $106.67 this afternoon, still struggling to overcome yesterday's news that the U.S. is short of funding to reform air traffic control. Options traders are buying the dip, however, with 70,000 calls across the tape so far, 41 times the average intraday rate. Seeing the most attention is the October 120 and 135 calls, with opening activity detected at both. For 2026, UAL has pulled back 4%, though the 260-day moving average looks to be moving in as support.

One of the best names on the New York Stock Exchange (NYSE) today is Nokia Oyj (NOK), up 3.8% to trade at $10.02, after the equity landed new coverage from Rosenblatt Securities with a "moderate buy" rating and $15 price target. The firm cited the company's AI growth and infrastructure segment. While the equity has pulled back from its early June highs, it remains up 55% for 2026. 

One of the worst stocks on the NYSE today is Boot Barn Holdings Inc (BOOT), last seen down 7.5% at $132.08, despite the company yesterday sharing Q2 same-store sales numbers that were in line with estimates. BOOT is testing the site of its April bottom of $133.17, earlier within a chip-shot of a fresh annual low.