U.S. stocks slip as Treasury yields reach 24‑year high, Webull tumbles on China‑risk report

U.S. stocks dip as Treasury yields hit multidecade highs

Wall Street opened lower on Wednesday, with all three major indexes posting modest losses. The Dow Jones Industrial Average slipped 0.7% to 51,179, the S&P 500 fell 0.2% to 7,801 and the Nasdaq Composite gave back 0.2% to 27,538. The downward pressure came as long‑term Treasury yields climbed to levels not seen in 24 years.

Treasury yields climb despite a late‑day auction

The 10‑year Treasury yield closed up 1.5 basis points at 5.286%, after a brief retreat following an auction of new notes. The 30‑year note also edged higher, gaining 3.0 basis points to finish at 5.671%. Federal Reserve minutes released later that day noted that “changes in inflation compensation accounted for most of the net increase in shorter‑maturity Treasury yields, while changes in real rates contributed to most of the net increase in longer‑maturity Treasury yields.”

Fed outlook: most members see rates holding, but a December hike is still possible

According to the minutes, the majority of Fed participants still view current financial conditions as “supportive of economic growth” and believe another rate hike could be appropriate by year‑end. CME Group’s FedWatch tool showed an 83% probability the Fed will leave the funds rate unchanged at its upcoming meeting, up from 54% a month ago. At the same time, the odds of a December hike rose to 69% from 36%.

Webull shares plunge after House China committee report

In single‑stock news, Webull (ticker BULL) sank 19.1% after a report compiled by the House Select Committee on China flagged the brokerage as a national‑security risk. The committee wrote that Webull is “tied in structural ways to the People’s Republic of China” and highlighted “a profound gap” between the firm’s U.S.‑focused branding and its actual ownership and control.

Market reaction and what’s next

The combination of soaring yields and heightened geopolitical scrutiny has left investors jittery. Higher yields increase borrowing costs for corporations and squeeze valuations, while the Webull episode underscores lingering concerns about Chinese influence in U.S. fintech. Traders will be watching the Fed’s September meeting for any shift in tone, and will keep an eye on further congressional scrutiny of platforms with overseas ties.

Bottom line

Treasury yields have reclaimed a 24‑year high, pulling equities lower across the board. At the same time, a House China committee report has forced Webull’s stock into a steep decline, reminding market participants that political risk can materialise as quickly as macro‑economic pressure.