LIVE MARKETS-Wall Street eases as yields push to fresh multi-decade highs

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WALL STREET EASES AS YIELDS PUSH TO FRESH MULTI-DECADE HIGHS

Wall Street's main indexes are modestly lower early Thursday as investors contend with persistent inflation concerns and growing worries over the US government's debt burden, both of which have helped drive Treasury yields to their highest levels in more than two decades.

The benchmark 10-year Treasury yield climbed to 5.3445%, its highest level since 2002. That puts it on track for an eighth straight daily gain. The yield last posted a longer winning streak in September 2017, when it rose for nine consecutive sessions.

Most sectors are in the red, with nine of the S&P 500's 11 major groups trading lower. Materials .SPLRCM are leading the decline, down 1.5%. Technology .SPLRCT and energy .SPNY are the only sectors in positive territory. Tech is continuing to show resilience and is down just 0.3% from its record closing high.

Under the hood, software and services .SPLRCIS are showing notable strength, gaining more than 1.5%. Meanwhile, the latest surge in yields is weighing on rate-sensitive areas of the market. Big banks .SPXBK, regional banks .KRX and housing-related stocks .HGX are all under pressure as the 10-year yield trades at levels not seen in more than 20 years.

Here is a snapshot of where markets stood around 10:18 a.m. EDT.

(Terence Gabriel)

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