r/StockMarket

U.S. stocks moved lower on Thursday as investors faced more pressure from rising Treasury yields and elevated oil prices.

The Dow Jones Industrial Average fell 181 points, or 0.4%. The S&P 500 dipped 0.4%, and the Nasdaq Composite was down 0.5%.

The benchmark 10-year Treasury note yield rose more than 1 basis point to 5.288%. The 2-year Treasury yield gained more than 3 basis points to 4.798%. Those moves came after Federal Reserve Governor Christopher Waller said more hikes may be needed to curb inflation.

Oil prices spiked also after President Donald Trump said he doesn't want to make a deal with Iran to end the war, while the U.S. is reportedly preparing for "massive bombing" in the Middle East. Brent crude jumped 4% to around $104 per barrel. West Texas Intermediate futures, meanwhile, advanced 4% to around $92.

The memory and storage names were the trade of 2026, and on paper they still are. SanDisk is up about 600% this year, Seagate about 190%, Western Digital about 135%.

But all three topped in June. Western Digital is down almost half from its high, Seagate and SanDisk 25-30%. On Tuesday Seagate fell 9% and WD 7%, and yesterday neither got it back.

Micron held up much better, down roughly 12% from its high after an 87% gross margin quarter.

Meanwhile Nvidia, the laggard of the group back in September, closed at a record on Tuesday.

Who's still holding these?

The September FOMC minutes confirmed officials think another rate hike is needed. They did not say when. The 10-year Treasury ETF is down 3.31% over the past month and the 30-year is down 6.15%, and the Fed has not even pulled the trigger yet.

When the Fed leaves the timing open, every upcoming meeting becomes a live threat. Mortgage rates, corporate borrowing costs, and valuations on anything long-dated all stay elevated because nobody can price the ceiling. The market cannot relax between meetings the way it could when the Fed gave a clearer path.

Long-duration bond holders are the most exposed here, sitting through losses with no date on the calendar to anchor around. Do you think the next jobs report or the next CPI print is more likely to force the Fed's hand on timing?