New York stock market starts off mixed amid high government bond yields

The three major stock indices of the New York Stock Exchange started off mixed, paying attention to high government bond interest rates.

As of 10:08 a.m. on the 5th (local time), the Dow Jones Industrial Average on the New York Stock Exchange recorded 51,039.06, down 137.90 points (0.27%) from the previous day. The Standard & Poor's (S&P) 500 index stood at 7,742.75, up 20.03 points (0.26%) from the previous day, and the Nasdaq Composite Index stood at 27,333.32, up 142.45 points (0.52%) from the previous day.

The fact that government bond interest rates remain at a high level limited the upper end of the stock market.

The US 10-year Treasury bond interest rate is currently trading at 5.2910%, 1.70bp higher than the previous level. It also recorded an intraday high of 5.3100%.

The U.S. government's worsening financial situation, large-scale government bond issuance, and high oil prices are keeping government bond interest rates at a high level.

On this day, the US service industry Purchasing Managers' Index (PMI) was also announced.

The September service industry PMI announced by S&P Global was 58.8, slightly exceeding the market expectation of 58.7.

On the other hand, the September service industry PMI announced by the Institute for Supply Management (ISM) was 54.9, below market expectations of 55.0.

Meanwhile, Peter Anderson, founder of Andersen Capital, said: “Many investors expect higher Treasury yields to dampen the equity rally, but I think the market still has enough momentum to withstand further rate rises.”

Looking at each industry, communications and technology showed strength, while industrial goods and real estate showed weakness.

RXO's stock price soared 22.40% on the news that freight forwarder C.H. Robinson Worldwide agreed to acquire transportation brokerage RXO in a stock and cash deal worth $5.8 billion.

Serabras Systems stock price rose 8.68%. It was influential that Open AI CEO Sam Altman referred to Serabras Systems as a close partner and said that the two companies are deeply involved.

Software company PTC soared 34.90%. France's Schneider Electric valued PTC at $22.6 billion and announced that it would acquire PTC in an all-cash deal, pushing up PTC's stock price.

European stock markets also showed mixed results.

The Euro STOXX 50 index is trading at 6,228.01, down 0.17% from the previous day. Britain's FTSE 100 index rose 0.15% and France's CAC40 index fell 1.11%. Germany's DAX index showed a flat trend.

International oil prices fell.

At the same time, the price of West Texas Intermediate (WTI) crude oil for delivery in November 2026, a nearby contract, is recording $89.68 per barrel, down 1.57% from the previous price.