Renewed Recession Fears Weigh After Rate Hike

The 2-year Treasury yield continued its climb

Deputy Editor
Sep 22, 2022 at 4:27 PM
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Stocks finished the day modestly lower, as investors battle recession concerns following the Federal Reserve's most recent rate hike. Stoking the economic panic are bond yields, after the 2-year Treasury yield claimed its highest level in nearly 15 years and further inverted the yield curve between the 2-year and 10-year notes.

After a brief dip into positive territory later in the day, the Dow pared modest gains to ultimately finish lower. The S&P 500 and Nasdaq, meanwhile, joined the blue-chip index in the red with a straight loss, the former dropping to its lowest level since July.

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

The Dow Jones Average (DJI - 30,076.68) fell 107.1 points, or 0.4% for the day. Merck & Co (MRK) led the winners with a 3.5% rise, while American Express (AXP) landed at the bottom of the list with a 3.8% drop. 

The S&P 500 Index (SPX - 3,757.99) dropped 31.9 points, or 0.8% for the day, while the Nasdaq Composite (IXIC - 11,066.81) shed 153.4 points, or 1.4%.

Lastly, the Cboe Volatility Index (VIX - 27.35) fell 0.6 point, or 2.3%. 

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5 Things to Know Today

  1. The Black Sea Grain Initiative, a U.N.-backed deal, helped reopen ports in the Ukraine that had been sealed off by Russia. (CNBC)
  2. Ford Motor (F) is reshuffling C-suite responsibilities and adding tech executives as the company shifts towards its electric vehicle (EV) business. (MarketWatch)
  3. Our latest podcast tackles the yield curve inversion.
  4. A couple factors behind Ely Lilly stock's bounce. 
  5. Target is already prepping for the holiday season

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Gold Climbs Out From Lows

Oil prices rose for the first day in three, as supply concerns arose amid Russia's newest war efforts. November-dated West Texas Intermediate (WTI) crude added 55 cents, or 0.7%, to settle at $83.49 barrel.

Gold futures climbed for the second-straight session. December-dated gold rose $5.40, or 0.3%, to settle at $1,681.10 per ounce.  


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