The Dow lost 79 points today
Stocks stalled to start November, as prospects of a continually hawkish Fed weighed on Wall Street ahead of the central bank's interest rate decision tomorrow. The Dow shed 79 points, while both the S&P 500 and Nasdaq also settled modestly in the red, as all three major indexes shrugged off a cooling 10-year Treasury yield. Last seen at 4.06%, bond yields took a breather after today's jobs and manufacturing data.
Continue reading for more on today's market, including:
The Dow Jones Average (DJI - 32,653.20) dropped 79.8 points, or 0.2% for the day. JPMorgan Chase (JPM) led the gainers, adding 1.8%, while Apple (AAPL) paced the laggards with an 1.8% loss.
The S&P 500 Index (SPX - 3,856.10) shed 15.9 points, or 0.4% for the day. The Nasdaq Composite (IXIC - 10,890.85) fell 97.3 points, or 0.9% for the session.
Lastly, the Cboe Volatility Index (VIX - 25.81) lost 0.07 point, or 0.3% for the session, and lost 18.2% for the month.
5 Things to Know Today
- A Federal Communications Commission official said the U.S. should ban TikTok. Though the FFC has no authority to take action, rival social media stocks Meta (META) and Snap (SNAP) surged. (CNBC)
- Former Brazilian president Jair Bolsonaro will concede and address the nation later today, after Luiz Inácio Lula da Silva defeated him in the polls on Sunday. (Reuters)
- Toast stock trendline could favor bulls.
- How options bulls played Pfizer stock after earnings.
- Our latest podcast unveils the sector to avoid this month.
Oil Prices Pop as Tension Rises Overseas
Oil prices popped for the first time in three sessions. Gains were capped though, by geopolitical tensions with Iran, Iraq, and Saudi Arabia. December-dated crude shed $1.84, or 2.1%, to finish at $88.37 per barrel.
Gold prices climbed today, as a retreating U.S. dollar and cooling bond yields gave the safe-haven asset some reprieve. December-dated gold added $9, or 0.6%, to settle at $1,649.70 an ounce.