Wall Street struggled to find its footing on the first day of October, as elevated crude prices and resurgent Treasury yields kept investor enthusiasm in check. The 10-year Treasury yield traded as high as 5.34% early this morning, hitting highest level since 2002, while the 30-year note hit a 24-year high.
This triggered a midday market setback, with more pressure added by a lackluster response to Micron Technology's (MU) Q4 beat. The Dow shed more than 440 points at its session low, but finished just above breakeven alongside the S&P 500 and Nasdaq. The small cap Russell 2000 Index (RUT) outperformed the broader market, climbing 0.4%.
Oil Continues Climb Above $92
Oil prices gained pace Thursday after reports of the U.S. sending a third aircraft strike to the Middle East. West Texas Intermediate (WTI) crude rose 2.7% to settle at $92.87 per barrel.
A strengthening U.S. dollar and higher bond yields weighed on gold prices, though softer-than-expected inflation data kept the precious metal stable for the session. December-dated futures inched 0.4% higher to settle at $4,205.10 per ounce.
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