Traders navigated a volatile session on the New York Stock Exchange on September 23, 2024, as Wall Street grappled with rising oil prices and bond yields. Stock futures saw a slight uptick on Monday night following a challenging trading day. Dow Jones Industrial Average futures gained three points, while S&P 500 and Nasdaq 100 futures both inched up by 0.1%.
Earlier, the Dow had plummeted nearly 400 points and the S&P 500 declined by almost 1%. Technology stocks suffered the most, driving the Nasdaq Composite down by approximately 1.2%. The surge in bond yields, with the 10-year Treasury yield rising above 4% to its highest since August, exerted downward pressure on the market. Bond yields and prices share an inverse relationship, complicating investor confidence.
Concurrently, West Texas Intermediate futures surpassed $77 per barrel, affecting broader markets negatively. Nevertheless, the energy sector thrived, becoming the only one among the 11 sectors of the S&P 500 to close the day positively.
The stock market has been facing turbulence in recent days, marking a rocky start to both the trading month and the quarter. Investor concerns have risen due to escalating tensions in the Middle East, highlighted by Iran’s missile attack on Israel last week. However, markets rallied after a stellar jobs report on Friday, enabling major indexes to secure their fourth consecutive week of gains, with the Dow reaching a new all-time high.
Commenting on the situation, Larry Tentarelli, chief technical strategist of the Blue Chip Daily Trend Report, noted that the initial market rally was driven by robust economic data. He added that the current environment reflects the market’s adjustment to increased bond yields.
Looking ahead, investors will focus on Tuesday’s economic data regarding small businesses and trade deficits. Additionally, speeches from key figures such as Boston Federal Reserve President Susan Collins and Atlanta Federal Reserve President Raphael Bostic are on the agenda.
Original Story https://www.cnbc.com/2024/10/07/stock-market-today-live-updates.html
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