Stock market today: Wall Street sticks near its lowest level since June as stocks drift
Wall Street is holding near its lowest level since June as stocks drift
NEW YORK — Wall Street is holding near its lowest level since June, as stocks drift in early trading.
The S&P 500 was 0.1% lower and still on track for its worst month of the year by far. The Dow Jones Industrial Average was down 23 points, or 0.1%, at 32,526, as of 9:43 a.m. Eastern time, and the Nasdaq composite was 0.4% lower.
Micron slumped 4.1% for one of the market's sharper losses despite reporting better results for the latest quarter than analysts expected. Its forecast for upcoming profitability fell short of some analysts' estimates.
Stocks have widely tumbled this month as Wall Street increasingly accepts a new normal where interest rates will stay high for a while. The Federal Reserve has already pulled its main interest rate to the highest level since 2001 in hopes of extinguishing high inflation, and it indicated last week it may cut rates by less next year than earlier expected.
It’s a sharp departure from prior years of investing, where Wall Street counted on the Fed to cut rates quickly and sharply when things looked dicey. High rates slow the economy by design, and they hurt prices for stocks and other investments.
The threat of higher rates for longer has pushed Treasury yields up sharply in the bond market, and they rose further into heights unseen in more than a decade. The yield on the 10-year Treasury rose to 4.67% from 4.61% late Wednesday. It was at roughly 3.50% in May and just 0.50% early in the pandemic.
The two-year Treasury yield, which moves more on expectations for Fed action, slipped to 5.10% from 5.14%.
Yields squiggled after the latest batch of reports on the economy. One said that fewer workers applied for
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