Global oil prices and U.S. Treasury yields fall in tandem; New York stocks hit record highs

[Financial News]

U.S. Treasury yields and global oil prices fell in tandem on the 6th (local time). Brent crude fell below $100 a barrel. New York stocks extended their record-setting run, with the S&P 500 joining the Nasdaq Composite at an all-time high.
Nvidia extended its record-setting run for a fourth straight day.
Falling global oil prices paved the way for the market rally.
Concerns about disruptions to Gulf oil supplies persisted after Yemen’s Houthi rebels attacked targets in Saudi Arabia. But oil prices fell as the Group of Seven (G7) decided to release stockpiled supplies, including diesel and crude oil, and oil supplies from the Middle East also increased.
In morning trading, December Brent crude futures, the global oil benchmark, plunged 2.3% from the previous session to $97.99 a barrel.
November West Texas Intermediate (WTI) futures, the U.S. oil benchmark, also plunged 2.3% to $87.33 a barrel.
U.S. Treasury yields also turned lower as falling global oil prices eased inflation concerns.
The 10-year yield, which serves as a global benchmark rate, fell 0.046 percentage points to 5.265%. After surging the previous day to 5.29%, its highest level since April 2002, the yield fell sharply.
The 30-year yield, a benchmark for long-term rates, fell 0.033 percentage points to 5.63%, while the 2-year yield, which reflects market expectations for Federal Reserve (Fed) rate policy, plunged 0.05 percentage points to 4.783%.
According to CME Group’s CME FedWatch Tool, interest rate futures markets put the probability that the Fed will hold rates steady at its Federal Open Market Committee (FOMC) meeting on the 27th and 28th at 79.5%.
New York stocks continued their record-setting run.
The tech-heavy Nasdaq Composite rose 230 points (0.84%) from the previous session to 27,707.64, setting a record for a second straight day.
The S&P 500 also joined the record-setting run. It jumped 66 points (0.86%) to 7,840.79, setting a new all-time high for the first time in about two months, since August 13.
The Dow Jones Industrial Average remained far from its record high but rose 352 points (0.69%) to 51,620.27.
Meanwhile, Nvidia rose $2.61 (1.09%) to $241.51, setting a new record share price for a fourth straight day. Micron also gained 0.2% to $1,065.94.
Seagate plunged 7.8% and Western Digital fell 6.3%. SK hynix American depositary receipts (ADRs) dropped 3.8%, but the leveraged semiconductor ETF SOXL traded 2.2% higher at $167.83.

[email protected] Song Gyeong-jae Reporter