Both the Dow and Nasdaq closed down triple digits
U.S. stocks suffered massive losses in today's trading, with the Dow snapping its five-day win streak on the back of surging bond yields. The 10-year Treasury yield rose to its highest level in seven years, after Fed Chair Jerome Powell waxed optimistic on the strength of the U.S. economy ahead of tomorrow's jobs report. Sinking technology stocks also created headwinds on Wall Street, after a Bloomberg Businessweek article suggested a high-profile hack by Chinese spies. While the Nasdaq closed down triple digits, the S&P suffered its worst day since June 27. On the flip side, the VIX, or the stock market's "fear gauge," logged its best day since June 25.
Continue reading for more on today's market, including:
The Dow Jones Industrial Average (DJI - 26,627.48) fell 200.9 points, or 0.8%, snapping its five-day win streak. Just six of the 30 Dow components closed higher, with Verizon (VZ) leading on a 1.3% gain. Meanwhile, Nike (NKE) paced the 24 losers with a 2.8% drop.
The S&P 500 Index (SPX - 2,901.61) let go of 23.9 points, or 0.8%, while the Nasdaq Composite (IXIC - 7,879.51) plunged 145.6 points, or 1.8%.
The Cboe Volatility Index (VIX - 14.22) added 2.6 points, or 22.5%, for its highest close since Sept. 10.
5 Items on our Radar Today
- As the holiday season rapidly approaches, CNBC detailed ways in which Target (TGT) has ramped up its shipping game this year to keep up with rivals Amazon (AMZN) and Walmart (WMT). Some of the efforts the retailer has made include adding free two-day shipping, and testing same-day delivery in high traffic cities with the transportation company it acquired. (CNBC)
- American Express (AXP) announced today that it will be making changes to its Gold Card, which was originally made available in 1966. Some of the updates include a higher annual fee -- to $250 from $195 -- and a shift in focus to restaurants and traveling for bigger bonus rewards. (MarketWatch)
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Data courtesy of Trade-Alert
Oil Retreats From Multi-Year High
Oil futures quickly retreated from yesterday's multi-year high, as concerns grew over global output and traders took some profits off the table. November-dated crude closed down $2.08, or 2.7%, at $74.33 per barrel.
Strengthening bond yields and global trade tensions pushed gold lower for a second day in a row. December-dated gold futures lost $1.30, or 0.1%, to settle at $1,201.60 per ounce.