Runaway Treasury Market Leaves Wall Street with Steep Losses

Oil prices remain elevated as Middle East tensions simmer

Jake Scott

Deputy Editor

Oct 18, 2023 at 4:27 PM

Wall Street fell across the board today, with bond yields once more overshadowing earnings season, as the 10-year Treasury yield returned to its highest level in more than 16 years. The Dow and Nasdaq logged triple-digit losses, with the former snapping a three-day win streak. All three major indexes suffered their worst single-session drop since Oct. 3. Elsewhere, the Cboe Volatility Index (VIX) secured its fourth win in five sessions.

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Oil Futures Clock Highest Close Since Oct. 3

Following a completely muted session, oil futures closed at their highest mark in more than two weeks. An explosion at a Gaza City hospital increased tensions in the Middle East, raising fears of a potential loss of oil supply from exporters in the region. Crude for November delivery rose $1.66, or 1.9%, to settle at $88.32 per barrel.

Gold futures also advanced on the back of mounting Middle East tensions. For the session, December-dated gold added $32.60 to settle at $1,968.30 an ounce

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