Stock Market Update

[BRIEFING.COM] The S&P 500 remains lower by 0.7% while the Nasdaq (-1.0%) underperforms.

Treasury Secretary Bessent appeared on Bloomberg today, arguing that the rise in yields has been a global phenomenon and that the rise in U.S. Treasury yields is not a special case. He also added that the rise in U.S. yields could reflect higher growth expectations down the line.

Longer-dated Treasuries continue hovering just below their opening levels with the 30-yr yield down three basis points at 5.03% while the 2-yr yield is down three basis points at 3.97% after hitting 3.91% earlier this morning. Thanks to the advance in Treasuries, the 2-yr yield is now down a basis point for the week while the 30-yr yield is up 13 basis points from last week's settlement. The U.S. Treasury market will close early at 14:00 ET.