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US stocks slipped on Monday and the 10-year Treasury yield (^TNX) jumped past 4% for the first time since August ahead of a week of key inflation data and the start of earnings season.
The Dow Jones Industrial Average (^DJI) fell 0.9%, around 400 points, after notching a fresh record high as stocks soared to close last week. The S&P 500 (^GSPC) shed almost 1%, while the Nasdaq Composite (^IXIC) dropped nearly 1.2% as Big Tech names led the pair lower.
Stocks veered to session lows in afternoon trading after a judge ordered Alphabet (GOOG, GOOGL) to open up Google’s app store business, Google Play, to more competition. Amazon (AMZN) fell over 3%, while Microsoft (MSFT) lost over 1.5%. Chip heavyweight Nvidia (NVDA) was the only gainer among the "Magnificent 7" members.
Oil futures jumped more than 3.5% on Monday, extending their biggest weekly gains in over a year as traders price in whether Israel’s expected response to Iran’s recent attack will involve targeting the country’s petroleum fields.
Hurricane Milton’s upgrade to Category 5 status off the Gulf of Mexico also helped fuel higher crude prices. Meanwhile, insurance stocks fell as the storm headed toward the coast of Florida.
Hopes for an outsized rate cut from the Federal Reserve have melted away after a better-than-expected September jobs report dispelled concerns about cracks in the labor market. Traders have abandoned last week’s bets on a 0.50% rate cut in November and now see an 88% chance of a 0.25% move, according to the CME FedWatch Tool.
Those convictions will be tested later this week, primarily with key consumer inflation data coming on Thursday.
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