Record High Bond Yields Drag Stocks Down

0:00I'm Laura Thurough with Baird Private Wealth Management. You've been doing all the right things, saving, investing, building toward your goals. Healthcare can be a major expense today, and an even greater one over time. Tools like long-term care insurance or a smart health savings account strategy can help protect what you've worked so hard to build. Learn more at bairdwealth.com slash WSJ Guidebook. Here's your closing bell brief for Thursday, September 24. I'm Danny Lewis for the Wall Street Journal. US stocks struggled today as rising bond yields pressured global markets. The S&P 500 and NASDAQ finished near flat after recovering earlier losses. Meanwhile, the Dow Jones industrial average slipped 161 points, about a third of a percent by the close. Elevated government bond yields continued to climb to new highs. The 10-year US Treasury yield rose 0.05 percentage points to more than 5 percent,

1:04a 19-year record. The 30-year Treasury yield also surged, reaching nearly 5.5 percent. The highest level since June 2004. And oil prices fluctuated sharply during the afternoon as investors weighed disnant reports of whoot the attacks as well as discussions about a phased deal to reopen the straight-of-horn moves. Brent Crude jumped 3.4 percent to finish above $106 a barrel. Among individual companies, Oracle shares fell almost 3.5 percent after Bloomberg reported that invoked forced measure to shield itself from payments on a data center project. According to the report, the project's developer is a unit of blue-owell capital, which lost more than 3.6 percent. Shares of MGM resorts dropped 11 percent today after Barry Diller said he was withdrawing his bid for the casino operator. And Meta Platform's stock rose 4.5 percent after introducing new pairs of smart glasses and a handheld device integrating its recently launched Muse AI agent.

2:04Its stock is up more than 14 percent this week. Heads up, an artificial intelligence tool helped us make this episode by creating summaries that were based on WSJ reporting and then reviewed and adapted by an editor. We'll have more coverage of the day's news on the WSJ's What's News podcast. Listen and subscribe wherever you get your podcasts. This message is presented by KPMG Private. We bring together audit and assurance, tax and advisory services designed specifically for private companies. With experience professionals, advanced technology, and the reach of a global network, we support progress that pace your business demands.