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The S&P 500 was modestly higher in afternoon trading following losses Tuesday, while bond yields were retreating.
Selling in global government bonds was intense in the early morning. The yield on the 30-year U.S. Treasury bond briefly breached 5%, while Germany’s 10-year Bund yield touched 3% for the first time in 12 years. The rout eased as the session continued.
Stocks were mixed. The S&P 500 and Nasdaq Composite were higher. The Dow industrials continued to slip, after losing what was left of its 2023 gains Tuesday.
Oil prices retreated. West Texas Intermediate, the U.S. benchmark, fell below $85 a barrel. Brent crude, the international benchmark, traded below $87.
Energy stocks fell. Crude oil’s drop helped extend a rough month so far for the S&P 500’s energy sector, which is down nearly 6% in October.
Travel stocks rose. Cruise companies were among the top gainers as oil retreated, while airline shares also gained.
Asian stocks declined. Japan’s Nikkei 225 and South Korea’s Kospi both fell more than 2%. Hong Kong’s Hang Seng set a fresh 2023 low for the second day running.
The Cboe Volatility Index retreated after jumping past 20. A VIX reading higher than 20 typically indicates fear is rising among investors.
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