Stock Market Midday, Oct. 1: Stocks Edge Lower as Treasury Yields Surge to 24-Year High
As of 11:31 a.m. ET, the Nasdaq Composite (NASDAQINDEX:^IXIC) was down 0.22% to 26,801, the S&P 500 (SNPINDEX:^GSPC) was trading lower by 0.26% to 7,632, and the Dow Jones Industrial Average (DJINDICES:^DJI) dropped 0.56% to 50,623 as surging bond yields pressure blue chip components.
Gold was up 0.17% to $4,193.70, while the 10-Year Treasury yield rose 0.03% to 5.29% during a session where industrials are leading the market. Basic materials stocks are the primary laggard, with consumer defensive names also showing resilience.
Today's biggest moves
Accenture (NYSE:ACN) shares jumped after the company reported quarterly results that beat expectations alongside an upbeat fiscal 2027 outlook, while McKesson (NYSE:MCK) is rallying despite broader volatility. On the downside, Corteva (NYSE:CTVA) is among the session's notable decliners and General Mills (NYSE:GIS) hit a 52-week low as rising interest rates weigh on the consumer sector.
What this means for investors
In a sign that investor expectations are higher than ever for tech firms, Micron Technology's (NASDAQ:MU) stock sank even after the company reported sales nearly quadrupled year over year and beat the analyst earnings consensus. It also issued strong guidance, but much of that news was already seemingly priced in.
The market was also under pressure as Treasury yields reached their highest level in over 20 years. Those rising rates will hit growth companies harder as they continue to borrow to invest in artificial intelligence (AI) equipment.
High Treasury yields also compete with dividend-paying stocks, helping to drive that segment of the market lower. The market may also be looking ahead to Friday's monthly jobs report, which could help determine the future direction of interest rates.
Should you buy stock in Invesco QQQ Trust right now?
Before you buy stock in Invesco QQQ Trust, consider this:
The Motley Fool Stock Advisor analyst team just identified what they believe are the 10 best stocks for investors to buy now… and Invesco QQQ Trust wasn’t one of them. The 10 stocks that made the cut could produce monster returns in the coming years.
Consider when Netflix made this list on December 17, 2004... if you invested $1,000 at the time of our recommendation, you’d have $375,240!* Or when Nvidia made this list on April 15, 2005... if you invested $1,000 at the time of our recommendation, you’d have $1,403,292!*
Now, it’s worth noting Stock Advisor’s total average return is 933% — a market-crushing outperformance compared to 211% for the S&P 500. Don't miss the latest top 10 list, available with Stock Advisor, and join an investing community built by individual investors for individual investors.
See the 10 stocks »
*Stock Advisor returns as of October 1, 2026.
Howard Smith has positions in Alphabet. The Motley Fool has positions in and recommends Accenture Plc, Alphabet, Chevron, and Micron Technology. The Motley Fool recommends McKesson and recommends the following options: long January 2028 $260 calls on Accenture Plc and short January 2028 $280 calls on Accenture Plc. The Motley Fool has a disclosure policy.
Recommended Articles
