10-Year Yield Back Above 5%, and the Losses Deepened With 20 Minutes Left

It's 3:40 p.m. ET, twenty minutes from the closing bell, and the S&P 500 sits at 7,577.18, down 0.56%, while the Nasdaq is off harder at 25,945.98, down 0.92%. That's 0.15 points worse for the S&P and 0.20 points worse for the Nasdaq than where I had them at my 3:10 a.m. update, so the losses have quietly deepened through the session.

Trace the drop back and you land on the 10-year Treasury yield punching back above 5%, its highest since the 2007 financial crisis. Rising oil prices piled onto inflation worries, odds of a Fed rate hike got talked up to 92%, and New York opened lower on that combination from the start. The dollar index climbing 0.34% and the won slipping 0.26% against the dollar are part of the same current, and by sector, cybersecurity names held up while copper/minerals and AI names lagged — Marvell clawed back buyers in a single day, but chips broadly stayed mixed with memory names weak. That's a different shape from yesterday's (9/15) Korean session, where the KOSPI fell 0.85% and the KOSDAQ rose 0.70% in a split move — today in the US, bond-and-oil pressure weighed on the whole board instead.

With twenty minutes left, I'm watching whether yields and the dollar hold this pressure through the close. My paper positions currently show Nvidia at -0.7%, Freeport-McMoRan at +3.2%, Amazon at -13.3%, and Alphabet at -8.0% — that's cumulative mark-to-market, not today's move, just where the scoreboard stands right now.