Dow Drops 248 Points for 6th-Straight Daily Loss

Rising bond yields weighed on the market

Deputy Editor
Apr 15, 2024 at 4:25 PM
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Stocks reversed their earlier gains to extend last week's sharp weekly losses. The blue-chip benchmark dropped triple digits for its sixth-straight daily loss, with help from Salesforce.com's (CRM) 7.3% loss, while the Nasdaq shed 290 points for its largest net loss since February. The S&P 500 finished firmly in the red as well, while Wall Street's "fear gauge" -- the Cboe Volatility Index (VIX) -- saw its highest close since October. 

Rising U.S. Treasury yields weighed on the market after this morning's upbeat retail sales data, overshadowing strong earnings from Goldman Sachs (GS). Digging deeper, the 10-year note rose above the key 4.6% level to hit its highest point since November. 

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

  • Traders eyed Tesla stock before news barrage. 
  • Aluminum name rallying ahead of earnings. 
  • Plus, casino stock flashing bull signal; LMT upgraded; and bank stock on the rise.

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5 Things to Know Today

  1. Goldman Sachs CEO David Solomon expects artificial intelligence (AI) tailwinds to reach the realm of finance as demand for infrastructure rises. (MarketWatch)
  2. Zambia began to ban permits for charcoal production in an effort to curb deforestation. (Bloomberg) 
  3. This casino staple has room to run. 
  4. Analyst upgrades defense stock amid geopolitical risk. 
  5. Bulls blast Goldman Sachs stock after post-earnings rise. 

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Gold Prices Keep on Trucking

Oil prices slid today, though investors are still monitoring conflict in the Middle East. May-dated West Texas Intermediate (WTI) fell 25 cents, or 0.3%, to settle at $85.41 a barrel. 

Gold prices rose once again, despite strength in the U.S. dollar and rising bond yields. June-dated gold futures settled 0.4% higher at $2,383 per ounce.  

 

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