Stocks Fall as Bond Yields Hit Multi-Year Highs

The 10-year Treasury yield hit a 16-year high

Deputy Editor
Oct 18, 2023 at 11:57 AM
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The major indexes are firmly lower this afternoon, with both the Dow Jones Industrial Average (DJI) and Nasdaq Composite (IXIC) down triple digits as bond yields rise. The 10- and 30-year Treasury yields today jumped to their highest levels since 2007, while the two-year rate is at its highest level since 2006. Oil prices are sharply higher as well, after Iran reportedly called for an Israel oil embargo. 

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

  • Why United Airlines stock is dragging the sector today. 
  • Higher prices drove Procter & Gamble to a quarterly win. 
  • Plus, call traders eye COP; FRLN jumps on buyout offer; and RARE slides on stock offering. 

mmc oct18

Options bulls are targeting oil and gas stock ConocoPhillips (NYSE:COP) today, after no fewer than three analysts lifted their price targets. So far, 35,000 calls have already crossed the tape -- seven times the intraday average volume -- compared to just 6,041 puts. The November 130 call is the most active, followed by the October 125 call, with new positions opening at the November 140 call. At last glance, COP was up 0.6% at $126.28, and trading at its highest levels since November. 

cop oct18

Freeline Therapeutics Holdings PLC (NASDAQ:FRLN) is up 8.5% at $4.84 at last look, and earlier crossed above penny stock territory, after a buyout offer from Syncona Portfolio. FRLN is brushing off a Wedbush downgrade to "neutral" from "outperform" with a price-target cut to $5 from $8. Since the start of the year, the equity is still down over 30%. 

Ultragenyx Pharmaceutical Inc (NASDAQ:RARE) is down 10.8% at $32.85 at last check, after the company announced a $300 million stock offering. Earlier hitting a record low of $31.83, RARE is down 28.9% in 2023. 

 

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