S&P 500 drops below 4,700 amid risk-off market sentiment and higher US bond yields

• The Dow Jones Industrial is the main winner of the session at press time.
• The S&P 500 and the Nasdaq drop between 0.35% and 1.39%, amid risk-off market sentiment.
• Higher US Treasury yields impact heavy-tech company earnings, spurring a sell-off of tech stocks.

During the New York session, major US equity indices edge lower as Wall Street approaches the close. The S&P 500 losses 0.35%, sitting at 4,666.29, while the tech-heavy Nasdaq Composite follows the S&P 500 footsteps, sheds 1.39%, down to 15,634.65. The only winner of the session, the Dow Jones Industrial, climbs almost 0.21%, up to 35,693.55.

Sector-wise, the main winners are energy, financials, and real-estate, rising 3.06%, 1.24%, and 1.17%, each. The main losers are consumer discretionary, technology, and communications, falling 1.47%, 0.97%, and 0.51%, respectively.

Meanwhile, the US bond market sell-off continues; thus, Treasury yields keep rising after US President Joe Biden renominated Fed Chairman Jerome Powell to lead the Federal Reserve for the period ending in 2026.

The 10-year benchmark note rate climbs three basis points, up to 1.656%, while the US Dollar Index stabilizes around the 96.50 figure after rallying for three days.

In the commodities sector, the precious metals gold and silver lose 0.79 and 2.19% each, trading at $1,791 and $23.62, while the US crude oil benchmark, Western Texas Intermediate (WTI) rises 2.55%. trading at $78.71

S&P 500 Chart