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Financial Stocks Fall 6.3% in September as Treasury Yields Rise

CNBC2 min read3 sources

Why are financial stocks down in September?

S&P 500 financial stocks fell 6.3% in September through Tuesday, led by Blackstone (BX) down 21% and BlackRock (BLK) down 8%, as the 10-year Treasury yield hit 5.29% and raised borrowing costs.

Key numbers

S&P 500 financials, September-6.3%worst month since Mar 2023
Blackstone (BX), September-21%per [1]
BlackRock (BLK), September-8%per [1]
10-year Treasury yield5.29%session high Sept 29
30-year Treasury yield5.61%highest since 2002

What happened

S&P 500 financial stocks fell 6.3% in September through Tuesday, led by Blackstone (BX) down 21% and BlackRock (BLK) down 8%, as the 10-year Treasury yield hit 5.29% and raised borrowing costs. That makes financials the worst-performing part of the S&P 500 this month and their weakest month since March 2023 (per). A bond yield is the interest the government pays to borrow, and higher yields make loans costlier. The 30-year yield touched 5.61%, its highest level since 2002. The wider S&P 500 slipped 0.16% on Tuesday.

Why it matters

S&P 500 financial stocks include banks and money managers that many people own through retirement funds. When bond yields rise, borrowing gets more expensive, which can cut demand for loans and hurt firms like Blackstone and BlackRock. Rising yields also pay savers more on safe bonds, so investors may move money away from riskier stocks.

Who this affects

Marketbearish
Medium impact
Stock investors face pressure as higher yields weigh on shares.
Companybearish
High impact
Blackstone shareholders absorbed a 21% September drop (per).
Competitorsbearish
Medium impact
BlackRock fell 8%, so rivals also feel yield pressure (per).
Industrybearish
Medium impact
Lenders and asset managers face costlier funding and weaker loan demand.

Blackstone vs BlackRock, S&P 500 Financials

BlackstoneBX-21%——
BlackRockBLK-8%——
S&P 500 Financials—-6.3%——

As of 2026-09-29

How we got here

  1. Dow posts back-to-back losses as Treasury yields keep climbing.

  2. 10-year Treasury yield tops 5.29% and 30-year passes 5.6%, highest since 2002.

  3. S&P 500 slips 0.16% to 7,670.84 as yields pressure stocks (per).

What to watch

  • Whether the 10-year Treasury yield stays near 5.2% or eases from its multiyear high.2026-09-30
  • Third-quarter results from Blackstone and BlackRock showing how higher yields affected business.Q4 2026

Educational content only. Not investment advice.

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