CBN News 2026-09-29 08:29:58 Listen to the news
Author: Fan Zhijing Editor-in-Chief: Sheng Yuan
*The three major U.S. stock indexes declined;
The yield on 30-year U.S. Treasury bonds broke through 5.50%;
Boeing tumbles, FAA delays the airworthiness certification of 10 Boeing 737 MAX models.
U.S. stocks opened lower on Monday and continued to decline, with U.S. Treasury yields rising again. By the close of trading, the Dow Jones Industrial Average fell by 347.11 points, or 0.67%, to 51,481.51 points. The Nasdaq Composite Index fell by 0.92% to 26,820.38 points. The S&P 500 Index fell by 0.77% to 7,683.69 points.
Market Overview
U.S. Treasury yields continued the sharp upward trend seen last week. The yield on the benchmark 10-year Treasury note broke through 5.2%, and the yield on the 30-year Treasury note reached 5.5%, both setting new highs for the year. Currently, both yields are at multi-year highs.
Rising prices of crude oil and diesel have exacerbated inflation concerns, pushing up U.S. Treasury yields. Fed officials stated that after the Fed raised interest rates by 25 basis points at the beginning of this month, if price pressures do not ease, the Fed may need to continue raising rates. Fed Governor Lisa Cook said that AI related demand, coupled with higher oil prices, will keep inflationary pressures high in the coming months, but she did not directly indicate a need for further rate hikes.
Gabelli Fund Portfolio Manager Justin Bergner stated, "The significant rebound in yields is understandable, and it's also logical that the stock market has weakened." AI The capital expenditures of ultra-large enterprises have led to capital competition; high interest rates also suppress consumer spending, further reinforcing the bearish trend in the market.
CME Group’s CME Fed Observation Tool shows that the current market pricing indicates a nearly 70% probability of a 25-basis-point interest rate hike at the Fed’s next meeting next month; this was 57.6% a week ago and only 17.7% a month ago. This week, several key economic data points will be released that will affect the judgment of the Fed’s policy path, including inflation and labor market data, with the Friday non-farm payroll report being of utmost importance.
According to CCTV News, on September 28th local time, U.S. President Donald Trump stated that American officials had discussions with mediators aimed at ending the conflict between the United States and Iran on that day. Earlier in the same day, there were reports that an official familiar with the U.S.-Iran negotiations revealed that the U.S. and Iran were expected to hold further talks through mediators on the 28th or 29th. Iranian Foreign Minister Mohammad Javad Zarif and Qatari mediators are currently in the United States, and the talks are expected to focus on discussing revisions to Iran's proposal to reopen the Strait of Hormuz within seven days, which was made during the United Nations General Assembly.
Jack Ablin, the Chief Investment Strategist for Capital Management and a founding partner of Cresset, stated: "The situation in Iran has pushed up oil prices, which in turn have fueled inflation, and inflation has raised interest rates. Currently, the attractiveness of interest rates relative to stocks has significantly increased, a scenario that has not occurred in nearly 20 years. We are paying close attention to this. The main focus of the current market is not on earnings but on valuations."
Hot Stock News
In terms of individual stocks, the Philadelphia Semiconductor Index fell by more than 2%, Qualcomm dropped by over 7%, and Intel fell by 5.67%.
Storage chip stocks generally fell, with SK SK Hynix dropping by over 5%, SanDisk by 3.65%, and Micron Technology by 2.61%.
The optical communication sector is under pressure, with Coherent falling by 4.52%, Corning falling by 3.29%, and Lumentum falling by 2.16%.
Star tech stocks generally fell, with NVIDIA rising by 1.7%. The company just announced a new $150 billion stock repurchase authorization, which is the largest repurchase plan in its history. Apple opened high but closed lower, falling by 0.78%, and its market value briefly exceeded $5 trillion. Tesla declined by more than 3%, and JPMorgan Chase lowered its target price due to weak delivery volumes in the third quarter.
Boeing's stock price tumbled nearly 7%, and the U.S. Federal Aviation Administration (FAA) has delayed the airworthiness certification of 10 Boeing 737 models due to a software defect that increases the operational burden on pilots during landing. Regulatory authorities are evaluating this issue.
Paramount Pictures' shares rose by about 3.2%. The company plans to raise over $44 billion through the issuance of bonds denominated in US dollars and euros, which will be used to acquire Warner Bros. Discovery. Bank of America and Citibank have already held investor conference calls to gauge market interest in subscriptions.
The NASDAQ China Golden Dragon Index rose by 1.12%, NetEase soared by 4.88%, and Pinduoduo increased by over 1%. Alibaba and Baidu saw slight declines.
International oil prices soared and then fell back. According to reports, sources familiar with the matter revealed that Saudi Arabia's key east-west oil pipeline, which was attacked by drones earlier this month and has since been repaired, has begun to resume crude oil exports. The price of light crude oil futures for delivery in November at the New York Mercantile Exchange rose by 19 cents, closing at $92.60 per barrel, an increase of 0.21%; the price of London Brent crude oil futures for delivery in November rose by 96 cents, closing at $105.28 per barrel, an increase of 0.92%.
The precious metals market tumbled, with the September delivery of COMEX gold futures on the New York Mercantile Exchange falling by 3.52% to $4,135.40 per ounce, and COMEX silver futures falling by 4.71% to $61.22 per ounce.
Article Author
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U.S. Treasuries under pressure, Dow Jones falls by over 300 points; chip stocks and telecom sectors bear the brunt, SanDisk leads the decline; Brent oil rebounds by over 3%, gold and silver decline
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