{"id":74895,"date":"2023-10-20T13:18:52","date_gmt":"2023-10-20T17:18:52","guid":{"rendered":"https:\/\/ifintechworld.com\/uncategorized\/u-s-stocks-sink-as-treasury-yields-spike-amid-middle-east-tensions\/"},"modified":"2023-10-20T13:18:55","modified_gmt":"2023-10-20T17:18:55","slug":"u-s-stocks-sink-as-treasury-yields-spike-amid-middle-east-tensions","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=74895","title":{"rendered":"U.S. stocks sink as Treasury yields spike amid Middle East tensions"},"content":{"rendered":"<div>\n<div id=\"imgCarousel\" class=\"imgCarousel\">\n<p><span class=\"text\">\u00a9 Reuters. <\/span><br \/>\n<i class=\"imgGrad\"><\/i>\n<\/div>\n<p dir=\"ltr\">Investing.com &#8212; U.S. stocks were extending losses as Treasury yields rose to multiyear records after hawkish remarks from Federal Reserve Chair Jerome Powell and as investors fear the growing conflict in the Middle East.<\/p>\n<p dir=\"ltr\">At 10:35 ET (14:35 GMT), the  was down 139 points or 0.4%, while the  was down 0.7% and the\u00a0 was down 0.9%.<\/p>\n<h2 dir=\"ltr\"><strong>Yields climb in wake of Powell\u2019s speech<\/strong><\/h2>\n<p dir=\"ltr\">The main indexes on Wall Street closed sharply lower Thursday after the benchmark  climbed to 5%, its highest level since the financial crisis in 2007.<\/p>\n<p dir=\"ltr\">This followed a speech by Powell, who indicated that signs of above-trend growth or a too-strong labor market could warrant more monetary tightening. He also mentioned emerging risks and a need to move with care, but investors have become very wary about the potential for rates staying high for longer.<\/p>\n<p dir=\"ltr\">The 30-stock Dow closed Thursday down 250 points, or 0.8%, while the benchmark S&amp;P fell 0.9% and the tech-heavy Nasdaq dropped 1%.<\/p>\n<p dir=\"ltr\">The major averages are also on pace for losses on the week. The S&amp;P is down 1.2% through Thursday\u2019s close, while the Nasdaq is off 1.7% and the Dow is down nearly 0.8%.\u00a0<\/p>\n<h2 dir=\"ltr\"><strong>Biden seeks to ramp up aid for Israel<\/strong><\/h2>\n<p dir=\"ltr\">Israel continued to bombard Gaza, preparing a ground invasion of the region after the deadly attacks on Israel on Oct. 7.<\/p>\n<p dir=\"ltr\">President Joe Biden asked Americans in a televised speech to spend billions more dollars to help Israel fight Hamas as well as to support Ukraine in its fight with Russia.<\/p>\n<p dir=\"ltr\">Concerns remain that the Middle East conflict could spread further in the volatile region, especially after the Pentagon said U.S. forces intercepted three cruise missiles and several drones launched by the Houthi movement in Yemen.<\/p>\n<p dir=\"ltr\">The Houthi, like Hamas in Gaza and Lebanon&#8217;s Hezbollah, are backed by Iran.<\/p>\n<h2 dir=\"ltr\"><strong>SolarEdge cuts third-quarter revenue guidance<\/strong><\/h2>\n<p dir=\"ltr\">Earnings continued on Friday. Financial giant <span itemscope=\"\" itemtype=\"http:\/\/schema.org\/Corporation\"><span itemprop=\"name\"> American Express <\/span><\/span> (NYSE:) beat profit expectations, saying it reaffirms 2023 guidance. Shares dipped 3.8%.<\/p>\n<p dir=\"ltr\">SolarEdge Technologies (NASDAQ:) stock fell 28% after the renewable energy company cut its fourth-quarter revenue guidance.\u00a0<\/p>\n<p dir=\"ltr\">On the flip side, Knight-Swift Transportation (NYSE:) stock rose over 12% after the trucking giant beat estimates in the third quarter on both the top and bottom lines.\u00a0\u00a0\u00a0<\/p>\n<p dir=\"ltr\">Elsewhere, the economic data slate is largely empty Friday, although appearances from Fed officials  and  will attract attention in the wake of Powell\u2019s speech and as the central bank\u2019s next policy-setting meeting draws nearer.<\/p>\n<h2 dir=\"ltr\"><strong>Oil gains on planned U.S. SPR refill<\/strong><\/h2>\n<p dir=\"ltr\">Crude prices rose Friday, boosted by the news that the Biden administration plans to begin refilling its strategic oil reserves.<\/p>\n<p dir=\"ltr\">Both crude contracts are on course for a second consecutive positive week, with gains of between 1.5% and 2.2%, as the Israel-Hamas conflict prompted concerns of a disruption to supply in this important oil-rich region.<\/p>\n<p dir=\"ltr\">The market also received a boost after the Department of Energy announced two separate offers of crude purchases on Thursday totaling 6 million barrels, as President Biden revived his bid to refill the heavily-drawn Strategic Petroleum Reserve.<\/p>\n<p dir=\"ltr\">The government had drawn about 200 million barrels from the SPR since early-2022, bringing the reserve to its lowest level in nearly 40 years in a bid to combat high gasoline prices following the onset of the Russia-Ukraine war.\u00a0<\/p>\n<p dir=\"ltr\">(Oliver Gray contributed to this item.)<\/p>\n<p>\u00a0<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.investing.com\/news\/stock-market-news\/dow-futures-slip-as-treasury-yields-break-16year-highs-3203619\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>\u00a9 Reuters. Investing.com &#8212; U.S. stocks were extending losses as Treasury yields rose to multiyear records after hawkish remarks from Federal Reserve Chair Jerome Powell and as investors fear the growing conflict in the Middle East. At 10:35 ET (14:35 GMT), the was down 139 points or 0.4%, while the was down 0.7% and the\u00a0 [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":14417,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"video","meta":{"footnotes":""},"categories":[1],"tags":[83],"class_list":["post-74895","post","type-post","status-publish","format-video","has-post-thumbnail","hentry","category-uncategorized","tag-featured","post_format-post-format-video"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>U.S. stocks sink as Treasury yields spike amid Middle East tensions | iFintechWorld<\/title>\n<meta name=\"description\" content=\"\u00a9 Reuters. 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