NEW YORK, Oct 7 - A gauge of global stocks declined on Monday and U.S. Treasury yields climbed, with the benchmark 10-year note topping 4%, as investors readjusted their views for the path of interest rates from the Federal Reserve.
Markets were completely pricing in a cut of at least 25 basis points just a week ago, with a 34.7% chance for another outsized 50 basis-point cut after the Fed began slashing rates at its September meeting with a 50 bp cut. On Wall Street, stocks closed lower, with energy , the sole S&P 500 sector to post a gain as crude prices continued to ascend on concerns a widening conflict in the Middle East could dent supply.The Dow Jones Industrial Average , fell 398.51 points, or 0.94%, to 41,954.24, the S&P 500 , fell 55.13 points, or 0.96%, to 5,695.94 and the Nasdaq Composite , fell 213.94 points, or 1.18%, to 17,923.90.
A closely watched part of the U.S. Treasury yield curve measuring the gap between yields on two- and 10-year Treasury notes , seen as an indicator of economic expectations, was at a positive 3.3 basis points after briefly inverting for the first time since Sept. 18. Minneapolis Federal Reserve Bank President Neel Kashkari said he feels the economy is resilient and the labor market, though showing some signs of weakening, is still strong, and the Fed's rate cuts are aimed at keeping them that way.
The dollar index , which measures the greenback against a basket of currencies, slipped 0.05% to 102.48, with the euro down 0.03% at $1.0973.
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