Wall Street Stumbles as Yields Hit 19-Year Highs and Oil Stays Firm
US equities closed lower on Monday as Treasury yields surged to multi-year highs — the 10-year touching 5.27%, a fresh 19-year high — and Brent crude held above US$105 on Iran–Strait of Hormuz tensions, with the Dow losing 0.7%, the S&P 500 0.8% and the Nasdaq 0.9%. Gold was smashed 3.6% as surging real yields crushed non-yielding assets, while Nvidia bucked the trend with a record US$150 billion buyback authorisation increase and Boeing tumbled 6.9% on an FAA MAX 10 certification delay. In Australia, SPI futures point to a modestly higher open at 8,727 ahead of today’s RBA decision at 2:30pm AEST, where markets price a 90–95% chance of a 25 bp hike to 4.60%.