US Markets
Monday, October 23rd, 2023 2:12 pm EDT
Key Points
- Stock market decline: Stock markets experienced a decline on Monday as Treasury yields rose. The Dow Jones Industrial Average lost 60 points (0.2%), and both the S&P 500 and the Nasdaq Composite slid by 0.2%.
- Treasury yield increase: The article highlights that the benchmark 10-year Treasury note yield briefly surpassed the significant 5% level. This increase in yields has raised concerns among investors, indicating a potential lack of faith in the Federal Reserve’s ability to cut interest rates in the near future.
- Earnings season and market outlook: The article notes that Wall Street had a challenging week, with the S&P 500 ending the week 2.4% lower, its first losing week in three. Earnings season is set to ramp up, with several major tech industry giants, including Alphabet, Amazon, Meta, and Microsoft, preparing to report their earnings. Investors are looking to these earnings reports for insights into the stock market’s future direction.
In Monday’s trading, stock markets experienced declines as Treasury yields rose, and investors awaited earnings reports from major tech industry companies. The Dow Jones Industrial Average fell by 60 points, representing a 0.2% drop, while the S&P 500 and Nasdaq Composite also slid 0.2%. Notably, the benchmark 10-year Treasury note yield briefly exceeded the significant 5% threshold, a level that raises concerns among investors about the Federal Reserve’s potential to cut interest rates in the near future. The rapid increase in yields is seen as potentially accelerating economic challenges, although some analysts believe the benchmark yield may continue to rise. The stock market had a challenging week previously, with the S&P 500 recording its first weekly loss in three weeks, the Dow losing 1.6%, and the Nasdaq experiencing its second consecutive losing week. Meanwhile, notable moves in individual stocks included Chevron’s nearly 3% decline due to its all-stock purchase of peer Hess, and Walgreens’ 2% gain following an upgrade from JPMorgan. However, online security stock Okta fell 8% due to a data breach. As earnings season gets underway, investors are looking forward to results from tech giants like Alphabet, Amazon, Meta, and Microsoft for insights into the stock market’s future direction.
For the full original article on CNBC, please click here: https://www.cnbc.com/2023/10/22/stock-market-today-live-updates.html
