The Dow tumbled to steep losses
this afternoon
A lift in crude prices and the 10-year Treasury yield pushed stocks lower Monday. The Dow was dragged almost 400 points, while the S&P 500 and Nasdaq suffered more modest pullbacks. The yield surged more than 4 basis points to move back above 4%, or their highest mark since August. This comes after last week's upbeat jobs data and precedes a highly-anticipated earning season. Wall Street's "fear gauge," meanwhile, climbed back above the key 20 level.
Continue reading for more on today's market, including:
- Coca-Cola rival options pop before Q3 report.
- 3 bank stocks set for the earnings confessional.
- Plus, 2 downgraded tech giants; analyst slams homebuilder; and UAE license boosts resort stock.
5 Things to Know Today
- Generator maker Generac Holdings (GNRC) is charging higher as more civilians are forced to evacuate or prepare for the worst, with Hurricane Milton approaching as the second devastating storm in a week. (CNBC)
- On the one-year anniversary of Hamas' attack, at least 52 people in Gaza have been killed by Israeli rockets. (Reuters)
- Two tech giants dragged by bear notes.
- Analyst put off by construction stock's competition.
- Resort stock lands major UAE license.
There were no earnings of note today.
Oil's Surge Continues
Ongoing escalations in the Middle East combined with today's creeping fears of a second large hurricane building in the south. November-dated West Texas Intermediate (WTI) crude rose $2.76, or 3.7%, to settle at $77.14 per barrel for the day.
Pared Fed expectations and a strong greenback pushed gold lower on the day. Gold for December delivery fell $5.20, or 0.2% to trade at $2,662.70, at last glance.