Wall Street Takes a Breather as Bond Yields Soar

The 10-year Treasury yield rose to multi-year highs

Deputy Editor
Apr 11, 2022 at 12:00 PM
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Climbing interest rates continue to weigh on Wall Street, as the three major benchmarks are pacing for daily losses to kick off the holiday-shortened week. The 10-year Treasury yield is in focus, after it rose to 2.78% -- its highest level since January 2019. At last check, the Dow Jones Industrial Average (DJI) is off by roughly 200 points, while the Nasdaq Composite (IXIC) also sports a triple-digit deficit, and the S&P 500 Index (SPX) sits in firmly in the red. In other news, the ongoing war in Ukraine and Covid-19 restriction in China have injected volatility into the oil market, and West Texas Intermediate Crude (WTI) is now trading near $95 per barrel.

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

  • Veru stock soars on upbeat Covid-19 treatment update.
  • Why Baird downgraded Nvidia stock.
  • Plus, Capri options run red-hot; SAIL soars on acquisition news; and supplier delays sink Ameresco stock. 

Midday Market Stats April 11_2022

Capri Holdings Ltd (NYSE:CPRI) is seeing an unusual amount of options activity this afternoon. At last check, 7,202 calls and 6,924 puts have been exchanged, which is nine times the intraday average. The May 40 put and 55 call contracts are the most popular, and new positions are being opened at both. It's unclear what the catalyst for today's interest is, though Capri stock was last seen up 2.5% to trade at $49. After hitting four-year highs in early February, the stock quickly sank to the $45 area, which has provided a floor for the shares for over a year now. 

CPRI Chart April 11

Sailpoint Technologies Holdings Inc (NYSE:SAIL) stock is the best performer on the New York Stock Exchange (NYSE) today. The equity was last seen up 28.8% to trade at $63.97, after agreeing to be acquired by private-equity firm Thoma Bravo for $65.25 per share -- around $6.9 billion. SAIL earlier hit an all-time high of $64.36, and is currently hovering near its 2020 and 2021 peaks. Year-to-date, Sailpoint Technologies stock is up 32.2%.

One of the worst performing stocks on the NYSE so far today is Ameresco Inc (NYSE:AMRC), which was last seen down 10.1% at $62.25. This drop came after the the company's Southern California Edison Company's project was delayed as Covid-19 lockdowns in China impacted one of Ameresco's battery suppliers. The equity is pacing for its fifth-straight daily loss, and now sits 23.7% lower in 2022.

 

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