Treasury yields spiked once again, with the 10-year note hitting a 24-year high this morning
The Dow Jones Industrial Average (DJI) is down 320 points amid a continued surge in bond yields, with the Nasdaq Composite Index (IXIC) and S&P 500 Index (SPX) comfortably lower as well. The 10-year yield hit its highest level since 2002 this morning, climbing as high as 5.34% before cooling off slightly.
Weekly jobless claims, meanwhile, fell 1,000 to 197,000 -- a nearly 57-year low -- while the ISM manufacturing index came in at 54.5 for September, slightly below estimates of 54.9. A dip in Micron Technology (MU) is also weighing on sentiment, as investors brush off an otherwise blockbuster earnings report.
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Western Union Co (NYSE:WU) is seeing increased attention in the options pits this afternoon, with the shares last seen up 0.3% at $5.92. At last look, over 24,700 contracts have changed hands, volume that's 4.1 times the average intraday amount. The largest contract by on-balance delta is the January 19, 2029 7-strike call. WU has shed 36% so far this calendar year, with the shares hitting a record low of $5.80 yesterday, Sept. 30.
Synopsys Inc (NASDAQ:SNPS) stock is surging this afternoon, up 10.6% at $481 after KeyBanc hiked its price target on the equity to $605 from $600, citing the electronics company's fiscal 2027 outlook and long-term growth. One of the best Wall Street performers today, SNPS is pacing for its best day since Aug. 27, gapping above recent pressure from the 120-day moving average, and is testing its year-over-year breakeven level.
One of the worst names on the New York Stock Exchange (NYSE) today, MP Materials Corp (NYSE:MP) is sliding 5.3% to trade at $44.80, after brokerage firm Baird slashed its price target to $65 from $80. MP has shed 11.5% in 2026, now trading at its early August lows.