Dow Drops 430 Points as Recession Fears Grip Investors

The Nasdaq had its worst day since Aug. 24

Digital Content Manager
Oct 3, 2023 at 4:31 PM
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Stronger-than-expected jobs data pulled the rug out from under Wall Street today, as Treasury yields spiked to 16-year highs. The Dow accelerated its selloff to register a 430-point skid, lowest close since May 31, and worst single-day percentage drop since March 22. Today's massive bar gap also shoved the blue-chip index into red territory for the year.

The Nasdaq wasn't much better off as it logged a triple-digit loss of its own and worst day since Aug. 24, while the S&P 500 saw more modest losses in comparison. Investors are fearful the Federal Reserve may pursue more rate hikes in response to today's jobs data, which could freeze the housing market and bring on recession.

  • Krispy Kreme cutting back on cookies.
  • Eli Lilly makes $1.4 billion acquisition.
  • Plus, BA bulls eye key level; ABNB downgraded; and WeWork stock bottoms out.

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5 Things to Know Today

  1. JPMorgan Chase (JPM) CEO Jamie Dimon: The benefits of artificial intelligence (AI) could usher a shorter workweek. (CNBC)
  2. The White House said manufacturers of the 10 drugs selected in August for Medicare price negotiations have signed on to participate in the program. (MarketWatch)
  3. Bulls blasted Boeing stock after a rush of updates.
  4. Analyst downgrade pressures Airbnb stock lower.
  5. How WeWork stock's record lows came about.

There were no notable earnings reports today.

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Oil Snaps Mini-Skid

Oil futures settled higher today, snapping their three-day losing streak. Investors are still wary of what economic downturn could mean for demand, however. Crude for November delivery added 41 cents, or 0.5%, to settle at $89.23 per barrel.

Gold prices pivoted lower as well, nearing a seven-year low in the process. A strong U.S. dollar, rising bond yields on the heels of jobs data, and the possibility of more rate hikes were to blame. December-dated gold dropped 0.4% to close at $1,840.00 an ounce on the day.

 

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