Stocks Slide Ahead of Tomorrow's Fed Decision

The 2-year and 10-year Treasury yields jumped to multi-year highs today

Deputy Editor
Sep 20, 2022 at 4:31 PM
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The Dow finished the day down 313 points, with Nike (NKE) leading the losses, while the S&P 500 and Nasdaq landed deep in the red as well. Surging bond yields were the highlight of the day, as the 2-year and 10-year Treasury yields jumped to their highest levels since 2007 and 2011, respectively.

All eyes remain on the Federal Open Market Committee's (FOMC) two-day meeting that concludes tomorrow, in which Wall Street anticipates a 0.75 basis point interest rate hike. In the meantime, today's housing market data showed a surprise 12.2% rise in housing starts in August. 

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

  • Signal says buy the dip on this retail stock
  • Not a whole lot to like about Roku stock right now. 
  • Plus, CHNG's surge; tech stock hits 2-year low; and the insurance stock to watch.

The Dow Jones Average (DJI - 30,706.23) fell 313.5 points, or 1% for the day. Apple (AAPL) led the gainers with a 1.6% rise, while Nike (NKE) landed at the bottom of the list with a 4.5% drop. 

The S&P 500 Index (SPX - 3,855.93) dropped 44 points, or 1.1% for the day, while the Nasdaq Composite (IXIC - 11,425.05) shed 110 points, or 1%.

Lastly, the Cboe Volatility Index (VIX - 27.16) rose 1.4 points, or 5.4%. 

closing summary sept 20

nyse and nasdaq sept 20 22

5 Things to Know Today

  1. The White House released a statement today regarding student loan forgiveness, showing how many borrowers are eligible in each state. (CNBC)
  2. Mojo, an "athlete stock market" start-up backed by Alex Rodriguez and Marc Lore, has raised $100 million in funding. (MarketWatch)
  3. Healthcare stock rallies after court ruling
  4. Western Digital stock hit with bear notes. 
  5. Several layers of support in place for this insurance name. 

There were no earnings of note today.

uvol sept 20 22

Oil, Gold Fall Lower

Oil prices moved lower today. October-dated West Texas Intermediate (WTI) crude fell $1.28, or 1.5%, to settle at $84.45 a barrel, while the new front-month contract, November-dated crude, dropped $1.42, or 1.7%, to settle at $83.94 a barrel.

Gold futures fell for the second day, dropping to their lowest level since April 2020. December-dated gold shed $7.10, or 0.4%, to settle at $1,671.10 per ounce.  

 

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