US 10-year yield touches its highest since 2002 as Wall Street retreats from its record
The 10-year US Treasury yield surged to 5.364%, its highest since 2002, before retreating after strong auction demand, and the 30-year reached about 5.725% (market reports). The S&P 500 and Nasdaq each fell about 0.22%, the Dow lost 341 points (0.67%), and the Russell 2000 fell 1.31% (AP via Coeur d'Alene Press). The S&P 500 closed at 7,801.77 per market data; one report gave 7,775.04.
US yields set the price of borrowing worldwide. Yields at 20-year highs make mortgages, company loans and government debt more expensive.
Higher global yields can push up fixed mortgage rates over time. Shares in pension funds dipped.
Strong auction demand shows investors still want US debt.
A 30-year yield above 5.7% shows how nervous bond markets are about borrowing and inflation.
The rise in yields has now spread from the US to France and Italy. The next test is US inflation data.
DailyDrop Ireland edition No. 4 · Morning · THU., OCT. 8, 2026