Stock Market Slips as Treasury Yields Rise

The S&P 500, Nasdaq Composite, and Dow Jones Industrial Average opened lower as Treasury yields remain volatile. The 10-year Treasury yield hit a 2023 high, while the 10-year real yield reached a post-2009 high. Market participants are questioning whether the Federal Reserve has peaked and are pricing in more rate hikes for next year. July retail sales exceeded expectations, but there is divergence in spending patterns, with low-income households having less spending power. The Empire State Manufacturing Index came in below forecast, while June business inventories remained unchanged.