The S&P 500 and Dow Jones Industrial Average (DJI) fell in early trading Thursday, September 24, extending Wednesday’s decline. At about 9:42 a.m. Eastern, SPY, an exchange-traded fund tracking the S&P 500, was down 0.43%, while DIA, which tracks the Dow, had lost 0.46%. Both are live fund prices used here as snapshots of the indexes’ direction; the figures will change during the session.
Oil prices and Treasury yields remained the main pressure points. Brent crude was trading near $105 a barrel before the opening bell, while the 10-year Treasury yield had climbed above 5%. Rising fuel costs can feed inflation concerns, and higher bond yields make it harder for stocks to sustain expensive valuations.
The market is still reacting to Wednesday’s data
The latest US business survey has complicated the outlook for interest rates. S&P Global reported that its flash composite PMI rose to 58.4 in September from 56.0 in August, its strongest reading since July 2021. Faster growth is positive for the economy, but investors are weighing whether it gives the Federal Reserve less room to ease inflation concerns.
The 10-year yield reached 5.11% on Wednesday, according to Treasury data. The S&P 500 finished that session down 0.75%, and the Dow lost 0.68%. Coinpaper covered the initial sell-off after the PMI release; Thursday’s open shows that the pressure has continued into another trading day.
What could change the direction?
The early decline does not mean every part of the market is moving together. Higher oil prices can support energy shares while increasing costs for airlines and other fuel-intensive businesses. Technology stocks face a separate challenge from rising yields: investors tend to discount expected future profits more heavily when borrowing costs climb.
That makes the next moves in oil and bonds central to Thursday’s trading. If either eases, stocks could recover some of their opening losses. If both stay elevated, the S&P 500 and DJI may struggle to rebound. For context, Monday’s market rally took place as oil fell and AI shares advanced.
