TAN is trading 3% lower as stronger-than-expected September business activity lifted expectations for additional Federal Reserve tightening.
- The S&P Global Composite PMI rose to 58.4, its highest level since July 2021.
- The 10-year Treasury yield climbed above 5%, increasing financing costs and pressuring rate-sensitive solar companies.
- Major U.S. indexes were also lower in a broader risk-off session; rising oil prices and defensive rotation added pressure.