Finance

The yield on the 10-year Treasury note spiked as high as 5.36% during morning trading, reaching its highest level since 2002. While a strong $39 billion auction of 10-year notes eventually soothed some market concerns, elevated borrowing costs continued to exert downward pressure on stock valuations.

Oil prices continued their upward trajectory as attacks by Yemen-based Houthi rebels targeting Saudi Arabian oil facilities triggered supply disruption anxieties. International benchmark Brent crude traded near $102 a barrel, while West Texas Intermediate climbed past $90 a barrel, countering recent supply recovery trends.

Wall Street closely analyzed the release of the central bank's September meeting minutes to evaluate future interest rate trajectories. While the Federal Reserve previously raised its benchmark rate due to persistent inflation, recent soft employment figures softened investor expectations regarding an immediate rate hike.