Benchmarks Log Steep Losses Amid Tech Selloff, Budget Stalemate

The S&P 500 had its worst day since March

Digital Content Manager
Sep 28, 2021 at 4:29 PM
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Tech stocks settled sharply lower on Tuesday, dragging the major indexes with them as the 10-year U.S. Treasury yield surged to its highest level since June. The Dow lost 569 points, while the S&P 500 registered substantial losses, and the tech-heavy Nasdaq had its worst day since March. Meanwhile, Wall Street's fear gauge -- the Cboe Volatility Index (VIX) -- logged its best day since May. A budget stalemate in Congress is weighing on investor sentiment, and could lead to a government shutdown, should lawmakers fail to reach an agreement by the end of the week. Comments from Federal Reserve Chair Jerome Powell also stoked fears, after he noted inflation could last longer than initially anticipated.

Continue reading for more on today's market, including:

  • Why this pharmaceutical giant could stage a rebound.
  • Applied Materials stock tumbled following a downgrade.
  • Plus, Spotify stock slips despite global campaign; auto name bets big on electric vehicles; and why Sanofi quit the vaccine race.

The Dow Jones Average (DJI - 34,299.99) fell 569.4 points, or 1.6% for the day. Chevron (CVX) paced the gainers with a 0.3% pop, while Microsoft (MSFT) fell to the bottom, shedding 3.6%.

The S&P 500 Index (SPX - 4,352.63) dropped 90.5 points, or 2% for the day. Meanwhile, the Nasdaq Composite (IXIC - 14,546.68 ) shaved 423.3 points, or 2.8% for the day.

Lastly, the Cboe Volatility Index (VIX - 23.25) added 4.5 points, or 23.9% for the day.

closing index summary sept 28

nyse and nasdaq sept 28

  1. U.S. Treasury Secretary Janet Yellen clashed with Senate Republicans on Tuesday, warning the nation may face a financial crisis unless Congress raises or suspends the debt ceiling. (MarketWatch
  2. More than 400,000 Americans received a Covid-19 vaccine booster at pharmacies over the weekend, while nearly 1 million are scheduled for the shot, according to the White House. (CNBC)
  3. A global advertising campaign failed to give Spotify stock a boost today.
  4. This auto stock popped after billion-dollar investment in electric vehicles.
  5. Sanofi suspended its mRNA Covid-19 vaccine due to stiff competition.

earnings sept 28

sept 28 uvol

Oil Snaps Win Streak, Gold Falls to Lowest Level in 7 Weeks

Oil prices settled lower on Tuesday to snap a five-day win streak, pulling away from last session's nearly three-year highs. The tech selloff sparked by rising U.S. Treasury yields weighed on the commodity. Plus, investors are worries about near-term energy demand amid a drop in U.S. consumer confidence. In turn, November-dated crude shed 16 cents, or 0.2%, to settle at $75.29 a barrel.

Gold prices settled lower as well, falling to their lowest level in seven weeks. A pop in U.S. Treasury yields was also partially responsible for the yellow metal's drop, while a stronger U.S. dollar did not help matters. As a result, December-dated gold fell $14.50, or 0.8%, to settle at $1,737.50 an ounce.

Trader: Sell These 8 Stocks in 2021

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