US stock market reels lower as Treasury yields soar
The post US stock market reels lower as Treasury yields soar appeared on BitcoinEthereumNews.com. The US Treasury market is rearing its head once again on Friday, this time causing a broad sell-off in US market indices. The NASDAQ Composite opened up close to 1.4% lower, while the S&P 500 and Dow Jones Industrial Average (DJIA) are both off between 0.5% and 1.0%. All three indices sold off much worse in the futures market, so there is reason to believe the indices will fall further as the regular session gets underway. The culprit? Treasury yields. The US 10-year has risen nearly 8 basis points to 4.57%, while the US 30-year yield is up about 1.6% to 5.11%. Many observers are pointing to political instability in the leadership of Prime Minister Kier Starmer in the United Kingdom (UK). Upheaval in his own Labour Party has led to further calls for Starmer to resign, pushing up Gilt yields. On the US side of the ledger, the NY Empire State Manufacturing Index for May came in Friday mornin