Nasdaq, S&P 500 Sink as Bond Yields Pressure Tech

The 10-year Treasury yield neared 4% overnight

Deputy Editor
Oct 11, 2022 at 12:07 PM
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The S&P 500 Index (SPX) and Nasdaq Composite Index (IXIC) are on track to settle lower today and turn in their fifth-straight and worst losses since 2020, after the 10-year Treasury yield neared the significant 4% level overnight. The tech-heavy benchmarks and stocks are particularly susceptible to rising rates, especially high valuation names like Facebook-parent Meta Platforms (META). The Dow Jones Industrial Average (DJI), meanwhile, is up nearly 170 points this afternoon, as Wall Street awaits inflation data and earnings season.

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

  • Cloud company's shares sink after its president resigns. 
  • Analyst upgrades athletic apparel stock after upbeat survey.
  • Plus, Uber options pop after new workers rules; ForgeRock's acquisition news; and unpacking Azz's earnings.

Midday Market Stats October 112022

Uber Technologies Inc (NYSE:UBER) is 14.6% lower this afternoon, trading at $23.52, and experiencing an explosion of options interest. Halfway through today's session, more than 93,000 calls and 73,000 puts have been traded -- six times the average intraday volume -- after the U.S. Labor Department securing  proposed a new rule that would require workers to be considered employees, making it more difficult to treat these workers as contractors. The most popular contract so far today is the October 25.50 call, followed by the 27.50 call in the November series, with new positions opening at both. Today's price action just pushed UBER below its 100-day moving average for the first time since early August. Year-over-year, Uber stock is down nearly 50%.

UBER Chart 2 October 112022

ForgeRock Inc (NYSE:FORG) is trading 49.2% higher at $22.62 and standing at the top of the New York Stock Exchange (NYSE) following news that Thoma Bravo will acquire the digital-identity-solutions company for $2.3 billion. The all-cash offer equates to $23.25 per share, or a 53% premium to last night's close. Year-over-year, FORG is 15.2% lower.

Shares of metal coating solutions company Azz Inc (NYSE:AZZ) sit at the bottom of the NYSE today, down 16.5% at $32.59 at last glance. The fall comes after the company revealed fiscal second-quarter losses and revenue that were lower than Wall Street's estimates. Year-to-date, Azz stock is off by 40.3%.

 

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