2nd September 2026 – (New York) US stocks were broadly steady on Wednesday as a renewed rise in government bond yields and higher oil prices kept risk appetite in check. The S&P 500 was little moved, with investors weighing a fresh push higher in the benchmark 10‑year Treasury yield to around 4.81 per cent, its highest level since late 2023, alongside similar moves in European and Japanese government debt markets. The back‑up in yields reflects both persistent inflation concerns and heavy supply, adding to financial tightening across the economy.
Crude benchmarks hovered near recent peaks after a sharp advance earlier in the week, with West Texas Intermediate trading around $90 a barrel and Brent above $94 as traders assessed supply risks. The latest oil strength has reinforced fears of stickier inflation and constrained room for central‑bank rate cuts, a combination that has unsettled equities in recent sessions.
Incoming data signalled a cooler labour market. ADP reported that private‑sector employers added 38,000 jobs in August, undershooting expectations and marking the smallest monthly gain since January. The softer print arrived as markets parsed the implications of higher borrowing costs for growth‑sensitive sectors.
Corporate headlines added to the cautious tone. Uber said it would eliminate about 3,300 roles, roughly 10 per cent of its global workforce, as part of a restructuring aimed at streamlining management layers and shifting resources to priority businesses; the shares edged higher in early trade.
Strategists at Macquarie said the latest bond sell‑off is increasingly a headwind for equities as higher discount rates compress valuations, noting that concerns about the absorption of hefty sovereign and corporate issuance have driven yields to multi‑year highs. That assessment underscores why equity indices have struggled to build momentum even as some macro indicators soften.
