On August 24, the New York Stock Exchange closed mixed as weakness in major technology stocks offset the impact of falling U.S. Treasury yields.
According to the New York Stock Exchange (NYSE), the Dow Jones Industrial Average rose by 140.15 points (0.26%) to close at 53,417.16. The S&P 500 index fell by 21.51 points (0.28%) to finish at 7,652.86, while the Nasdaq composite dropped by 200.26 points (0.77%) to end at 25,980.19.
CNBC reported that the decline in semiconductor stocks weighed heavily on the overall market. Micron Technology plummeted by 5.8%, while AMD and Broadcom fell by more than 3% and 2%, respectively. Coherent and Lumentum also saw declines of over 4%, and SanDisk dropped by 6%.
U.S. Treasury yields fell after news that the Treasury Department is considering using funds in the Treasury General Account (TGA) to purchase long-term government bonds. Increased bond purchases would raise demand in the market, contributing to lower yields.
Specifically, the yield on the 10-year Treasury note decreased by more than 3 basis points to 4.704%. The 30-year yield also fell by over 4 basis points to 5.234%. Last week, the 30-year yield surpassed 5.3%, reaching its highest level in nearly 20 years.
Earlier, U.S. Treasury Secretary Scott Vessenet announced plans to at least double the scale of Treasury buybacks over the coming months. This raised expectations that the upward trend in long-term Treasury yields could stabilize, although concerns about rising global rates and inflation persist, leaving market anxiety unresolved.
President Donald Trump announced plans to increase tariffs on Canadian automobiles, auto parts, and steel to 50% starting January 1, which also weighed on investor sentiment.
Additionally, new U.S. sanctions against Iran have heightened market uncertainty. Concerns have been raised that prolonged disruptions in Iranian oil supply could lead to rising international oil prices and increased inflationary pressures.
However, following the announcement of additional sanctions, international oil prices actually fell by over 2%. On the London ICE Futures Exchange, Brent crude for October delivery settled at $92.17 a barrel, down $2.22 (2.35%). On the New York Mercantile Exchange (NYMEX), West Texas Intermediate (WTI) for October delivery closed at $85.01 a barrel, down $2.05 (2.35%).
* This article has been translated by AI.
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