U.S. stock indexes opened lower on Monday after the key 10-year Treasury yield crossed 5% for the first time in 16 years amid renewed concerns that interest rates will remain higher for longer. The Dow Jones Industrial Average DJIA dropped 172 points, or 0.5%, at 32,956, while the S&P 500 SPX was off 0.4% and the Nasdaq Composite COMP fell 0.5%. The yield on the 10-year U.S. Treasury note BX:TMUBMUSD10Y, the benchmark against which mortgages are set, rose above 5% on Monday morning, hitting the July 2007 milestone that it briefly attempted to reach last week after the Fed Chair Jerome Powell said more strong economic data like September’s may warrant more rate hikes. Investors also prepared for another busy week of corporate earnings, including those from top tech names. Microsoft MSFT and Alphabet GOOG report Tuesday, and Meta META reports Wednesday, while Amazon AMZN on Thursday.
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