Stock market today: Wall Street drifts as the pressure keeps mounting from the bond market

NEW YORK — A sluggish day for stocks kept September on track to be the worst month of the year for Wall Street. The S&P 500 managed a gain of 0.4%, coming off its worst week in six months. The Dow edged up 43 points and the Nasdaq composite added 0.5%. Treasury yields rose again to near their highest levels in more than a decade. Stocks have struggled recently as the realization sinks in that the Federal Reserve will likely keep interest rates high well into next year.

A growing understanding that rates will stay higher for longer has pushed yields in the bond market up to their highest levels in more than a decade. That in turn makes investors less willing to pay high prices for all kinds of investments, particularly those seen as the most expensive or making their owners wait the longest for big future growth.

Higher yields are at the head of a long line of concerns weighing on Wall Street. Economies around the world are looking shaky, oil prices have jumped by $20 per barrel since June and the resumption of U.S. student-loan repayments may weaken what’s been the economy’s greatest strength, spending by households.

Higher oil prices mean more pressure on travel-related companies that count fuel among their biggest costs. Southwest Airlines sank 1.5%, and Norwegian Cruise Line fell 1.8%.

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