Interest rates are once again in focus on Wall Street
Stocks faltered once again today, as August's selloff bleeds into September. The Dow dropped nearly 200 points today, as traders fretted over the potential for more interest rate hikes on the heels of services and manufacturing data, while the S&P 500 turned in a notable loss, and the Nasdaq fell for the third consecutive session. A spike in Treasury yields dragged tech stocks lower, as the Cboe Volatility Index (VIX) marked a third-straight daily win.
Continue reading for more on today's market, including:
5 Things to Know Today
- The Wall Street Journal and Bloomberg reported the Federal Trade Commission (FTC) is expected to file an antitrust lawsuit against Amazon.com (AMZN). (CNBC)
- The Federal Reserve's Beige Book revealed the economy grew in July and August thanks to "the last stage of pent-up demand" for leisure activities. (MarketWatch)
- What rising fuel costs mean for airlines.
- Software firm announces earnings and AI launch.
- Don't buy the Block stock hype.
Black Gold Scores 9th-Straight Win
Oil prices scored another year-to-date closing high, accumulating their ninth-straight daily win in the process -- their longest win streak in more than four years. Crude for October delivery rose 85 cents, or 1%, to settle at $87.54 per barrel for the day.
Gold prices were once again at the mercy of the greenback's strength and Treasury yields, while economic data fueled interest rate hike fears. December-dated gold lost $8.40, or 0.4%, to settle at $1,944.20 an ounce for the day.