The 10-year Treasury yield surged today
Rising bond yields weighed on Wall Street to kick off a week jam-packed with quarterly reports. Investors moved to take profits, after the 10-year Treasury yield hit is highest level in nearly a month ahead of a highly anticipated Federal Reserve speech before the Economic Club of Washington tomorrow. The Dow and S&P 500 both settled lower for the session, and the Nasdaq shed triple digits.
Continue reading for more on today's market, including:
- Options traders are still targeting Microsoft stock.
- Can this telecom stock stage a comeback?
- Plus, 2 stocks drawing analyst attention; and the latest round of Big Tech layoffs.
5 Things to Know Today
- Google just announced "Bard," its new artificial intelligence (AI) chatbot technology that will rival OpenAI's ChatGPT. (CNBC)
- The Federal Aviation Administration (FAA) proposed a $1.15 million fine for United Airlines (UAL) for allegedly flying Boeing 777s that "were not in airworthy condition." (MarketWatch)
- Analyst thinks Spotify stock has more upside.
- PayPal stock earns pre-earnings bear note.
- Another Big Tech name announced layoffs.
Oil, Gold Prices Stage Modest Rebounds
Oil prices recovered some of last week's losses, settling higher after Saudi Arabia lifted most crude prices that will be shipped to Asia in March in a surprise move. March-dated crude added 72 cents, or 1%, to settle at $74.11 per barrel.
After hitting its lowest level in three weeks in the previous session, gold futures scored a small win today. April-dated gold rose $2.90, or 0.2%, to settle at $1,879.50 per ounce.