Stocks Stumble as 'Fear Gauge' Breaks Out

Bond yields are spiking with rates likely to remain higher for longer

Managing Editor
Sep 21, 2023 at 12:10 PM
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Stocks continue to languish, with all three major indexes headed for their third-straight loss today. The realization that interest rates will be higher for longer is weighing on Wall Street, with investors now wary of a 10-year Treasury yield at 16-year highs. Against this backdrop, the Cboe Volatility Index (VIX) is headed for its fifth-straight gain.

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

MMC Stats Sept 21

Coca-Cola Co (NYSE:KO) is seeing a surge in options activity today, with 18,000 puts exchanging hands already, volume that is double the average intraday amount and just one percentage point from an annual high. The weekly 9/22 58- and 57-strike puts are getting the most action, with new positions being bought to open. KO is down 1.1% to trade at $57.79 at last check, dangerously close to this year's Sept. 18 low of $57.63.  

Valero Energy Corporation (NYSE:VLO) stock is once more propping up the New York Stock Exchange (NYSE), last seen 2.9% higher to trade at $147.07. The security earlier hit a record high of $152.20, as tighter supplies and refinery outages drive up oil prices. VLO is now up 16.3% in 2023. 

Cisco Systems Inc (NASDAQ:CSCO) stock is weighing on the Dow today, down 4.3% at $53.12 at last check. The tech giant announced this morning plans to acquire software company Splunk (SPLK) for $28 billion, or $157 per share. Despite this gap lower, Cisco stock is 28% higher year-over-year, and support could be emerging at its 80-day moving average. 

MMC Stock Chart CSCO

 

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