Dow Logs Lowest Close in Four Months

An avoided government shutdown failed to boost investor sentiment

Deputy Editor
Oct 2, 2023 at 4:29 PM
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The first trading day of October saw the Dow shed 74 points for its eighth loss in 10 sessions and lowest close since June 2. The September scaries bled into a new month for at least one day, even after U.S. lawmakers agreed to a short-term deal that prevented a government shutdown. Technology and communications were the broader market's only positive sectors today, though the S&P 500 still finished in the red and the Nasdaq managed a fractional win. 

  • Solar stock boasts intriguing entry point.
  • Beyoncé could be the halo this meme stock needs.
  • Plus, hedge fund flow; more on solar stocks; and a healthcare stock to watch.

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5 Things to Know Today

  1. Tesla's (TSLA) delivery numbers are in, and the EV giant said "downtimes" were to blame for a lackluster quarter.. (CNBC)
  2. The bond-market rout is still in full swing, and the iShares 20+ Bond ETF (TLT) moved close to level not seen since the 2007-009 financial crisis. (MarketWatch)
  3. The hedge fund world is at a multi-year extreme.
  4. Solar stocks made moves after analyst notes.
  5. Analyst calls healthcare equipment stock a "buy."

There were no earnings of note today.

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Oil Futures Fall to 3-Week Low

Oil futures settled lower to start October, dragged down to a three-week low by a stronger U.S. dollar, profit taking, and forecast concerns about rising crude supplies and demand pressure. Crude for November delivery lost $1.97, or 2.2%, to settle at $88.82 per barrel.

Gold prices settled lower too, settling at its lowest level since March as they head for a "death-cross" -- a technical term that usually indicates bearishness. December-dated gold shed $18.90, or 1%, to close at $1,87.20 an ounce on the day.

 

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