From Dow Jones & Company: 2025-04-09 08:40:00

Escalations in the U.S. trade war with China led to a significant drop in both stocks and bonds. The S&P 500 is on track to open in bear market territory, drawing attention from Wall Street to the Treasury market.

S&P 500 futures were down 1.7%, indicating a potential bear market opening. Nasdaq 100 futures and Dow futures were also down 1.7% and 1.8%, respectively.

The yield on the 30-year Treasury note surged to 4.92% and briefly surpassed 5%. Meanwhile, the 10-year yield rose to 4.46%, reflecting the market’s reaction to the trade war tensions.

Read more: The S&P 500 Is on Track to Enter a Bear Market. Why the Focus Is on Treasuries.