JOLTS Report: Is the Labor Market Losing Momentum? 29/09/2026
Market Wrap
U.S. stocks fell Monday as Treasury yields pushed deeper into multiyear highs, renewing pressure on equities and particularly rate-sensitive technology shares.
The Dow Jones Industrial Average dropped 347 points, or 0.67%, to 51,481.51. The S&P 500 fell 0.77% to 7,683.69, while the Nasdaq Composite lost 0.92% to finish at 26,820.38.
The 10-year Treasury yield climbed above 5.2%, while the 30-year yield topped 5.5%, extending last week's sharp move higher. Stocks recovered somewhat from session lows after reports that President Donald Trump was open to sanctions relief for Iran on nuclear issues sent oil prices lower.
Technology and AI stocks were among the biggest laggards. Advanced Micro Devices (AMD) fell 3.6%, Micron Technology (MU) lost 2.6% and Meta Platforms (META) dropped 4.8%, while Amazon (AMZN) and Microsoft (MSFT) each declined about 1%.
Nvidia (NVDA) bucked the trend, gaining 1.7% after announcing plans to add another $150 billion to its share-buyback authorization, bringing the total program to $235 billion.
Boeing (BA) was another major drag, falling nearly 7% after the Federal Aviation Administration said it would delay certification of the 737 Max 10 while assessing a new software issue.
Stock futures moved lower early Tuesday as investors remained focused on elevated Treasury yields. Attention now turns to September consumer confidence and August JOLTS job-openings data, which could provide fresh clues on the labor market and the path of interest rates.
AMD (AMD) will also remain in focus after announcing an $8.2 billion acquisition of AI company World Labs.
Bond Yields Keep Climbing as Pressure Builds on Tech Stocks
Treasury yields extended their relentless climb Monday, raising concerns that higher borrowing costs could eventually overwhelm the technology stocks that have helped keep the broader market near record highs.
The 10-year Treasury yield reached an intraday high of 5.27%, its highest since 2007, while the 30-year yield climbed to 5.56%, a 24-year high. Both have risen for five consecutive sessions, with the 10-year yield up nearly 48 basis points in September alone.
Several forces are driving the bond selloff: heavy U.S. government and corporate debt issuance, resilient economic growth, elevated oil prices and expectations for additional Federal Reserve rate increases. AI companies are adding to the competition for capital, with hyperscalers issuing roughly $247 billion of debt this year.
Higher yields have already pressured rate-sensitive areas including small caps, utilities and homebuilders. Technology has held up better, but that resilience is increasingly being tested as higher discount rates put pressure on the valuations of long-duration growth stocks.
Corporate credit could show strain even before equities. Treasury and corporate bond issuance is projected to approach a record $8 trillion in 2026, increasing competition for investor capital and potentially forcing companies to offer higher yields to attract financing.
For markets, the key question is increasingly how much further yields can rise before pressure spreads more decisively into technology and AI stocks.
Stocks on the Move
- Meta Platforms (META): Shares fell 3% in premarket trading, giving back some of last week's nearly 13% gain driven by enthusiasm around its Muse personal AI agent. The decline came as AI-related stocks broadly moved lower.
- Newmont (NEM): Shares dropped more than 4% as gold prices fell 3%. Rising global bond yields, including the 10-year Treasury yield above 5.2%, pressured demand for non-interest-bearing assets.
- Energy Stocks: Occidental Petroleum (OXY) and ConocoPhillips (COP) gained about 2% each, while Exxon Mobil (XOM) and Chevron (CVX) rose roughly 1.5% as U.S. crude climbed more than 4% to above $96 a barrel.
- Airlines: United Airlines (UAL) and American Airlines (AAL) fell more than 2% each, while Southwest Airlines (LUV) and Delta Air Lines (DAL) declined more than 1.5% as higher oil prices raised concerns about increased jet-fuel costs.
Watchlist: XOM, CVX, AMD, NVDA, SNDK, MU, BA, CCL, KMX, JEF, MTN, TSLA, AAPL
Key Economic Events Today
Economic Data (EST)
- 10:00 AM — USD Consumer Confidence
- 10:00 AM — USD JOLTS Job Openings
- 11:00 AM — USD FOMC Member Bowman Speaks
- 12:40 PM — USD FOMC Member Barr Speaks
- 01:00 PM — USD FOMC Member Goolsbee Speaks
- 01:30 PM — USD FOMC Member Musalem Speaks
- 02:00 PM — USD FOMC Member Williams Speaks
- 03:00 PM — USD FOMC Member Waller Speaks
Earnings
Before Market Open: Carnival Corp. (CCL), CarMax (KMX), Uranium Energy (UEC)
After Market Close: AAR Corp (AIR), Concentrix Corp. (CNXC)
