Stocks Pivot into the Red as Treasury Yields Run Wild

The 10-year Treasury yield hit its highest level since 2008

Digital Content Manager
Oct 20, 2022 at 4:25 PM
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Stocks reversed their midday gains on Thursday, as investors mulled over a less-than-stellar earnings report from Tesla (TSLA), as well as surging bond yields. The 10-year Treasury yield hit a high of 4.222%, a level not seen since 2008. Upbeat reports from the likes of IBM (IBM) and AT&T (T) kept some of the market's losses in check, but by the end of the day, the Dow had dropped 90 points, while the S&P 500 and Nasdaq logged choppy losses as well. 

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

  • Checking in on General Electric stock before earnings. 
  • Oppenheimer calling this retail stock "underappreciated."
  • Plus, more deals for Hertz; a solar stock bear note; and a rallying copper stock.

The Dow Jones Average (DJI - 30,333.59) dropped 90.2 points, or 0.3% for the day. International Business Machines (IBM) led the gainers, adding 4.7%, while Home Depot (HD) paced the laggards with a 2.2% loss.

The S&P 500 Index (SPX - 3,665.78) shed 249.4 points, or 0.8% for the day. Meanwhile, the Nasdaq Composite (IXIC - 10,614.84) fell 65.7 points, or 0.6% for the session.

Lastly, the Cboe Volatility Index (VIX - 29.98) lost 0.8 point, or 2.5% for the session.

closing summary Oct20

nyse nasdaq Oct20

5 Things to Know Today

  1. The Centers for Disease Control and Prevention's (CDC) advisory committee voted in favor of adding Covid-19 shots to its recommended vaccine schedule for children and adults. (CNBC)
  2. The U.S. revealed that this summer Russia was purchasing unmanned aerial vehicles from Iran to launch against Ukraine, and that Iranian troops are "directly engaged on the ground" in Crimea. (MarketWatch)
  3. Here's what to know about the Hertz, Palantir partnership
  4. Sunrun stock's valuation is "tough to ignore" says analyst. 
  5. Call traders blasted this copper stock today.

Earnings Oct20

UVOL Oct20

Oil, Gold Prices Inch Higher 

Oil futures saw a quiet day on Thursday. November-dated crude inched 43 cents, or 0.5% higher, to finish at $85.98 per barrel amid news that China may start easing some of its stricter Covid-19 restrictions.

Gold prices managed a slight win off yesterday's three-week lows, as some investors speculated on the possibility that the Federal Reserve's interest rate hikes have finally capped. December-dated gold added $2.60, or 0.2%, to close at $1,6346.80 an ounce.


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