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