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S&P 500 Falls 0.25% as Treasury Yields Climb, Jobs Beat

Yahoo Finance2 min read5 sources

Why did the S&P 500 fall 0.25%?

S&P 500 (SPX) fell 0.25% to 7,651.54 on Wednesday after giving up early gains as Treasury yields climbed, even though ADP reported 90,000 new jobs, beating forecasts.

Key numbers

S&P 500 close7,651.54-0.25% on the day
Dow Jones close50,906.05-0.86% on the day
ADP private jobs added90,000vs 68,000 expected; forecasts ranged 68,000-75,000
Dow in September-4.3%Yahoo Finance shows -4.9%; CNBC figure matches index levels
10-year Treasury yield5.29%+0.04 points
ADP base pay growth3.2%year over year

What happened

S&P 500 (SPX) fell 0.25% to 7,651.54 on Wednesday after giving up early gains as Treasury yields climbed, even though ADP reported 90,000 new jobs, beating forecasts. ADP, a payroll company that tracks private-sector hiring, said employers added 90,000 jobs in September, up from 36,000 in August and above the 68,000 economists expected. The Dow Jones Industrial Average, a group of 30 big US companies, slipped 0.86% on the day and ended September 4.3% lower. The 10-year Treasury yield, what the government pays to borrow for ten years, rose to 5.29%.

Why it matters

The S&P 500, a measure of 500 large US companies, shows that good jobs news did not lift stocks, because rising borrowing costs weighed on them. When the government pays more to borrow, loans for homes and businesses can get pricier, and stocks can look less attractive next to bonds. Cooler inflation data did not change that. Friday's official government jobs report is the next test.

Who this affects

Marketmixed
Medium impact
Stock investors: strong jobs, but rising yields weigh.
Companybearish
Low impact
S&P 500 companies: slightly negative as borrowing costs rise.
Competitorsbullish
Low impact
Nasdaq rose 0.2%, beating the Dow and S&P 500.
Industrymixed
Low impact
Health care and education hiring led; finance shed jobs.

S&P 500 vs Dow Jones, Nasdaq Composite

S&P 500SPX7,651.54-0.25%-0.5%
Dow JonesDJI50,906.05-0.86%-4.3%
Nasdaq CompositeIXIC26,861.06+0.24%—

As of 2026-09-30

How we got here

  1. ADP reports 90,000 private-sector jobs added in September, versus 36,000 in August.

  2. Inflation gauge (PCE) comes in at 3.4% versus 3.7% expected, per Yahoo Finance.

  3. S&P 500 gives up gains and closes down 0.25% as 10-year yield hits 5.29%.

What to watch

  • Official US jobs report; economists expect about 84,000 added jobs (per).2026-10-02
  • Whether the 10-year Treasury yield keeps rising above 5.29% and pressures stocks.October 2026

Educational content only. Not investment advice.

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