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U.S. stocks are sinking as Treasury yields rise to multiyear highs -- U.S. stocks are sinking as Treasury yields rise to multiyear highs, with investors awaiting key data on jobs this week, including Friday's jobs report for September. At 10:54 ET (14:54 GMT), the Dow Jones Industrial Average fell 391 points or 1.2%, while the S&P 500 fell 1.4% and the NASDAQ Composite fell 1.6%. On Monday, the 30-stock Dow shed 0.2%, while the tech-heavy Nasdaq increased by 0.7% and the benchmark S&P inched only marginally higher. All three ended September and the third quarter lower. Pressuring equities was the 10-year U.S. Treasury yield, which jumped to its highest level since 2007 after data showed that American factory activity contracted by its smallest amount in about a year. Yields typically increase as prices fall. The 10-year reached 4.758%. The numbers pointed to resilience in the world's largest economy, supporting some predictions that the Federal Reserve could choose to keep interest rates higher for a longer period of time. A hawkish stance from the Fed last week has persuaded many investors to recalibrate their rate expectations, with futures markets now betting that borrowing costs will stand at 4.7% by the end of next year -- implying fewer cuts than previously anticipated from the current range of 5.25% to 5.50%. JOLTS comes in with a higher number than expected Fresh job openings data for August showed employers had 9.61 million job openings, higher than the expected 8.8 million during the month. The figure slipped to its lowest mark in almost 2-1/2 years in the prior month, hinting at a gradual slowing in the labor market that helped bolster the argument for the Fed to leave interest rates unchanged at its September meeting. Later in the week, the labor market picture will be further fleshed out by the ADP nonfarm employment report and crucial nonfarm payrolls. McCormick shares lower after earnings Shares of spice and seasoning maker McCormick & Company Incorporated (NYSE:MKC) fell 8.9% after it reported earnings that were in-line with expectations and revenue that was slightly below expectations. The company said it expects 2023 revenue in line with expectations, in a range of $6.67 billion to $6.80 billion. The egg producer Cal-Maine Foods Inc (NASDAQ:CALM) is slated to report earnings after the closing bell during an otherwise quiet week for corporate quarterly reports. Oil slips after touching three-week low Oil prices inched down on Tuesday after dropping to a three-week low in the prior session, with traders partly concerned over how elevated interest rates may impact crude demand. The U.S. manufacturing data on Monday fueled projections that the Fed may choose to keep rates higher for longer, pushing the U.S. dollar up against a basket of other currencies. The prospect of both higher borrowing costs and a stronger U.S. dollar could make oil more expensive for buyers holding other currencies, potentially hitting demand. Further weighing on prices was an announcement from Turkey's energy minister that the country would restart operations on a pipeline from Iraq this week that had been suspended for nearly half a year. This somewhat muddled the outlook for supply, which has been recently driven by a decision by Saudi Arabia and Russia to extend production cuts until the end of 2023.

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