Dow, Nasdaq Add Triple Digits Despite Bond Yield Bounce

The bond market is moving higher once again

Deputy Editor
Oct 16, 2023 at 4:28 PM
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Wall Street pivoted higher Monday, as investors brushed off rising Treasury yields ahead of highly-anticipated corporate earnings results. The Dow closed up shop with a 314-point win, the Nasdaq also rose triple digits, and the S&P 500 settled just shy of the 4,400 level. Meanwhile the Cboe Volatility Index (VIX), a common "fear gauge" for investors, recorded its biggest single-session percentage drop since June. 

  • This tech stock could reclaim multi-month highs.
  • Analyst upgrades biotech despite revenue slash.
  • Plus, key SPX levels to watch; pharmacy stock in trouble; and big M&A news.

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5 Things to Know Today

  1. Space companies that pursue and secure government contracts are pulling investors in, with Space Capital reporting space infrastructure firms bringing $8.4 billion in investments in 2023. (CNBC)
  2. U.S. President Joe Biden postponed his speech in Colorado, as he considers going to Israel within the next few days in hopes of preventing the region's war from spreading further. (MarketWatch)
  3. SPX levels to watch as pessimism reaches its zenith.
  4. Major pharmacy company filed for Chapter 11 bankruptcy.
  5. Semiconductor merger results in new memory business.

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Oil Futures Break Lower

Oil futures fell Monday as all eyes are still fixed on the Israel-Gaza war, and the U.S. is reportedly looking to negotiate with Venezuela to ease oil sanctions. For the session, crude for November delivery lost $1.03, or 1.2%, to settle at $86.66 per barrel.

Gold futures took a step back today. For the session, December-dated gold lost $7.20, or 0.4%, to settle at $1,934.30 an ounce

 

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