{"id":75847,"date":"2023-10-23T11:13:12","date_gmt":"2023-10-23T15:13:12","guid":{"rendered":"https:\/\/ifintechworld.com\/markets\/dow-jones-falls-nearly-200-points-as-10-year-yield-briefly-tops-5\/"},"modified":"2023-10-23T11:13:19","modified_gmt":"2023-10-23T15:13:19","slug":"dow-jones-falls-nearly-200-points-as-10-year-yield-briefly-tops-5","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=75847","title":{"rendered":"Dow Jones falls nearly 200 points as 10-year yield briefly tops 5%"},"content":{"rendered":"<div id=\"js-article__body\" itemprop=\"articleBody\" data-sbid=\"WP-MKTW-0002644655\" role=\"document\">\n<p>U.S. stocks were off to a cautious start on Monday on the heels of a rough week for equities, as the 10-year Treasury yield pushed past the psychologically important level of 5% for the first time since 2007.  <\/p>\n<p>Investors are facing a crucial earnings week, with big tech names due to report.<\/p>\n<div class=\"paywall\">\n<h2>How stocks are trading<\/h2>\n<ul class=\"articleList\">\n<li>\n      The Dow Jones Industrial Average<br \/>\n        DJIA<br \/>\n       fell 190 points, or 0.6%, to 32,938.<\/p>\n<\/li>\n<li>\n      The S&amp;P 500<br \/>\n        SPX<br \/>\n       was down 29 points, or 0.7%, at 4,195.<\/p>\n<\/li>\n<li>\n      The Nasdaq Composite<br \/>\n        COMP<br \/>\n       declined 120 points, or 0.9%, to 12,863,<\/p>\n<\/li>\n<\/ul>\n<p>The Dow fell 1.6% last week, while the S&amp;P 500 declined 2.4% and the Nasdaq Composite shed 3.2%. All three major indexes saw their biggest declines since the week ending Sept. 22. The S&amp;P 500 on Friday saw its first close below its 200-day moving average since March.<\/p>\n<h2>What\u2019s driving markets<\/h2>\n<p>The 10-year Treasury yield<br \/>\n        BX:TMUBMUSD10Y<br \/>\n       remained up 5.1 basis points near 4.972%, after topping the 5% level and trading at its highest in 16 years. The 10-year yield finished last week with the biggest weekly rise since April.<\/p>\n<p><strong>Read: <\/strong>Stock-market investors face reality of 5% Treasury yields. Here\u2019s what\u2019s next.<\/p>\n<p>\u201cHigher for longer has been hitting home of late, with the back end of the yield curve on the rise in response to shifting expectations around the timing of a Fed rate cut. With energy prices on the rise in the face of a potentially drawn-out conflict in the Middle East, there is a strong chance that we see inflation continue to push higher,\u201d Joshua Mahony, chief market analyst at Scope Markets, said in emailed comments.<\/p>\n<p>\u201cWith interest rates expected to remain elevated for some time yet, the U.S. Treasury will also be facing a rapidly inflating debt that questions whether U.S. bonds are truly the reliable haven they have always been perceived to be,\u201d he said.<\/p>\n<p><strong>In One Chart:<\/strong> Why a 5% Treasury yield sends a gloomy stock-market message right now<\/p>\n<p>Investors continue to monitor events around the Israel-Hamas war.<\/p>\n<p>Two U.S. hostages were released Friday and some initial aid got through to Gaza, with signs a ground invasion by Israel has been delayed. Oil prices<br \/>\n        CL.1,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/211629951\/delayed\" class=\"negative\">-0.97%<\/bg-quote><\/p>\n<p>        BRN00,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/209704782\/delayed\" class=\"negative\">-0.65%<\/bg-quote><br \/>\n       were lower.<\/p>\n<p>The data calendar is empty for Monday, but the week will bring updates on the housing market, growth and the Fed\u2019s preferred inflation gauge, the personal-consumption expenditures price index, due Friday. <\/p>\n<p>On the earnings front, an important batch of results is rolling out this week that could determine the course of the remaining third-quarter earnings season, with <strong>Microsoft Corp.<\/strong><br \/>\n        MSFT,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/207732364\/composite\" class=\"positive\">+0.71%<\/bg-quote><br \/>\n       and Google parent <strong>Alphabet Inc.<\/strong><br \/>\n        GOOGL,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/202490156\/lastsale\" class=\"positive\">+0.52%<\/bg-quote><br \/>\n       reporting Tuesday, <strong>Meta Platforms Inc.<\/strong><br \/>\n        META,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205064656\/composite\" class=\"positive\">+1.68%<\/bg-quote><br \/>\n       reporting Wednesday and <strong>Amazon.com Inc. <\/strong><br \/>\n        AMZN,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/210331248\/composite\" class=\"positive\">+0.62%<\/bg-quote><br \/>\n       on Thursday. Market optimism has wavered following mixed bank earnings.<\/p>\n<p><strong>Read: <\/strong>Big-tech results will decide \u2018where we go from here\u2019 amid investor caution. They would fall if it weren\u2019t for this one company.<\/p>\n<p>And then there are the technical factors for investors to fret about, with the S&amp;P 500 closing below the 200-day moving average, seen by many Wall Street chartists as the dividing line between longer-term uptrends and downtrends.\u00a0 <\/p>\n<p>\u201cThe index is now just 1% away from falling below the bull boundary around 4,190,\u201d Michael Kramer, found of Mott Capital Management, told clients in a note. He said the next stop for the index could be 4,183.<\/p>\n<h2>Companies in focus<\/h2>\n<ul class=\"articleList\">\n<li>\n      <strong>Chevron Corp.<\/strong><br \/>\n        CVX,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/205871374\/composite\" class=\"negative\">-2.09%<\/bg-quote><br \/>\n       said Monday that it\u2019s reached a deal to buy <strong>Hess Corp.<\/strong><br \/>\n        HES,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203832174\/composite\" class=\"positive\">+0.04%<\/bg-quote><br \/>\n       in an all-stock agreement valued at $53 billion, or $171 per share. Chevron shares fell 2.7% in premarket trade, while Hess shares rose 0.7%.<\/p>\n<\/li>\n<li>\n      <strong>Tesla Inc. <\/strong><br \/>\n        TSLA,<br \/>\n        <bg-quote field=\"percentchange\" format=\"0,000.00%\" channel=\"\/zigman2\/quotes\/203558040\/lastsale\" class=\"positive\">+1.05%<\/bg-quote><br \/>\n       is voluntarily recalling nearly 55,500 Model X electric vehicles made in the past two years, as the vehicles\u2019 controllers may fail to detect low brake fluid and not display a warning light. Separately, Tesla said in a 10-Q filing Monday that it expects capital expenditures for this year to exceed $9 billion. Shares fell 4.1%.<\/p>\n<\/li>\n<\/ul><\/div>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/www.marketwatch.com\/story\/u-s-stock-futures-fall-as-10-year-treasury-yield-hits-5-c576c30a?mod=markets\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>U.S. stocks were off to a cautious start on Monday on the heels of a rough week for equities, as the 10-year Treasury yield pushed past the psychologically important level of 5% for the first time since 2007. Investors are facing a crucial earnings week, with big tech names due to report. How stocks are [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":53078,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[241],"tags":[83],"class_list":["post-75847","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-markets","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Dow Jones falls nearly 200 points as 10-year yield briefly tops 5% | iFintechWorld<\/title>\n<meta name=\"description\" content=\"U.S. stocks were off to a cautious start on Monday on the heels of a rough week for equities, as the 10-year Treasury yield pushed past the\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" 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