Rate-cut concerns weighed on Wall Street
Wall Street started the first full week of February with sharp losses across the board, as the bond yield market in the U.S. soared amid concerns about the Fed's timing of interest rate cuts. As 'higher for longer' rhetoric builds, the Dow shed more than 270 points, with McDonald's post-earnings bear gap also weighing on the blue-chip index today. Despite the S&P 500 and tech-heavy Nasdaq also finishing firmly in the red, the Cboe Volatility Index (VIX) logged its third-straight loss.
Continue reading for more on today's market, including:
- Nvidia stock stands above the rest.
- Snap stock has a dismal post-earnings history.
- Plus, pharma firm's big buyout; McDonald's earnings; and MAT downgraded.
5 Things to Know Today
- Mortgage rates jumped back above 7% after the recent streak of stronger-than-expected economic data. (CNBC)
- King Charles III is receiving treatment for a form of cancer. (MarketWatch)
- Pharmaceutical stock surges after buyout news.
- Missed revenue expectations ding MCD.
- The Barbie movie bump has worn off for Mattel.
Oil Prices Bounce Back After Friday's Fall
Oil futures were higher Monday, buoyed by supply risks following U.S. and U.K.-led retaliation strikes against Iran-backed militants. For the session, March-dated West Texas Intermediate Crude (WTI) rose 50 cents, or 1.1%, to finish at $72.78 per barrel.
A stronger U.S. dollar and volatile bond yield market put pressure on gold prices. April-dated gold erased $10.80, or 0.5%, to settle at $2,042.90 for the session.