All three major indexes finished the session lower, with the Dow sliding 341 points as Treasury yields resumed their run higher. The blue-chip index suffered its worst day in nearly a month, while the Nasdaq snapped a five-day win streak, retreating from Tuesday's record close alongside the S&P 500. The 10-year note climbed as high as 5.35% in the session, locking in another 24-year peak after the long-awaited September Federal Open Market Committee (FOMC) meeting minutes.
The notes indicated the Fed expects to hike rates at least once more this calendar year, with the plan to head off what has become an above-target inflation number. The next meeting is slated for Oct. 28, with CME's FedWatch tool estimating an 82.8% chance there will be no change.
Crude Pulls Back From Session Highs
Despite surging for most of the session, oil prices cooled off after the International Energy Agency (IEA) agreed to release more diesel reserves. November-dated West Texas Intermediate (WTI) futures lost $1.16 to settle at $88.28 per barrel.
A jump in the U.S. greenback pressured gold futures lower. December-dated gold shed 0.9% to close at $4,149 per ounce.
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