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Wall Street opened October with modest gains on Thursday as falling U.S. Treasury yields helped offset a sharp rise in oil prices and renewed concerns over inflation.
The S&P 500 gained 0.3% to close at 7,670.36, while the Nasdaq Composite and Dow Jones Industrial Average finished nearly flat at 26,871.60 and 50,927.33, respectively. Investors remained focused on interest rates after a volatile stretch in the bond market.
Treasury yields reversed earlier increases as traders reduced expectations for a Federal Reserve rate hike in October. The benchmark 10-year yield fell 6.7 basis points to 5.244% after reaching 5.362% earlier, while the 30-year yield declined 3 basis points to 5.609%. Both remained near multi-decade highs.
Wednesday’s economic data had supported hopes that the Fed could keep rates unchanged. The central bank’s preferred inflation measure rose less than expected in August, while second-quarter U.S. GDP growth was revised higher to 2.2% from 1.5%. Private-sector hiring also accelerated in September.
Inflation concerns resurfaced Thursday, however, after the Institute for Supply Management reported that its manufacturing prices index jumped to 77.9 in September from 71.1 in August. Overall U.S. manufacturing activity expanded for a ninth consecutive month.
Oil prices added another challenge for equities. Brent crude futures surged 4.5% to $102.47 following reports that the U.S. was preparing to send additional military forces to the Middle East. President Donald Trump also said he still had to make a decision regarding Iran.
Among individual stocks, Micron Technology reversed early losses to finish 3% higher after reporting stronger-than-expected fiscal fourth-quarter earnings and issuing upbeat guidance. The results reinforced optimism around artificial intelligence-driven semiconductor demand.
Investors are now turning their attention to Friday’s U.S. nonfarm payrolls report for fresh clues about Federal Reserve policy. With fourth-quarter trading underway, Treasury yields, oil prices, corporate earnings and economic data remain key drivers for Wall Street.
