S&P 500’s slump this week wipes out October gains

U.S. stocks are sliding this week, erasing October’s gains, as higher Treasury yields weigh on markets. The Dow Jones Industrial Average
DJIA,
-0.86%,
S&P 500
SPX,
-1.26%
and Nasdaq Composite
COMP,
-1.53%
were all down heading toward the closing bell on Friday, with each index on pace for a weekly loss. Investors saw this month’s gains evaporate on Thursday, as equities fell under pressure from rising interest rates in the bond market as investors weighed Federal Reserve Chair Jerome Powell’s remarks that another rate hike may be needed to slow the economy and bring down inflation. So far this month, the Dow has slumped 1%, the S&P 500 has fallen 1.2% and the Nasdaq Composite has dropped 1.5%, FactSet data show, at last check. Although the yield on the 10-year Treasury note was retreating Friday, it had climbed on Thursday to its highest level since July 20, 2007 based on 3 p.m. levels, according to Dow Jones Market Data.