Oil down, but stocks lower as bond yields rise

Traders work on the floor of the New York Stock Exchange (NYSE) on Sep 29, 2026 in New York City. (Photo: AFP/Spencer Platt)

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NEW YORK: US and European stocks traded mainly lower Tuesday (Sep 29) despite oil prices retreating from a recent surge, as bond yields pushed higher and investors waited for key inflation data.

The US 30-year Treasury yield touched 5.62 per cent, a level not seen for 24 years, while the benchmark 10-year yield stood at 5.25 per cent, remaining at its highest level since 2007.

"While energy prices pulled back a bit today, yields did not," Art Hogan, from B. Riley Wealth Management, told AFP.

"Higher yields continue to pose a significant headwind for investors. And that's been true not just today, but for the last month or so."

The Dow Jones fell 0.26 per cent, the Nasdaq index dropped 0.09 per cent, and the broader S&P 500 index lost 0.17 per cent.

Investors are braced for the PCE - the Federal Reserve's preferred inflation gauge - out on Wednesday as well as official jobs numbers on Friday.

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