Oil prices topped $105 by the day's end
Stocks finished in the red Tuesday, as Treasury yields charged higher. The benchmark 10-year Treasury yield climbed to 5.04%, its highest level since 2007, one day ahead of the Federal Reserve's rate hike decision.* The Dow shed 404 points, while the Nasdaq and S&P 500 also closed firmly lower, though a slight resurgence in AI-related stocks helped limit broader losses. Faring the worst on Wall Street today were small caps, with the Russell 2000 (RUT) logging its lowest close since June.
*An earlier version stated the two-day policy meeting starts tomorrow. The meeting began today, Tuesday morning, and an interest rate decision will be released Wednesday, Sept. 16 at 2 p.m. ET.
Continue reading for more on today's market, including:
- Supportive trendline steps in for struggling chip stock.
- Nvidia pullback hints at a potential rebound.
- Plus, a buzzy biotech; PLAY stock fell on weak earnings; oil attracting call traders.
5 Things to Know Today
- Sounding the tech sector alarm ahead of the Fed decision.
- Schaeffer's Volatility Series: get access now!
- VERA stock traded at both ends of the aisle today.
- Earnings fumble rocks Dave & Buster's stock.
- Options bulls target 2 climbing energy stocks.
Supply Routes Disrupted, Send Crude Further Past $100
Crude moved higher Tuesday while a key pipeline that bypasses the Strait of Hormuz in Saudi Arabia remains down. West Texas Intermediate crude added 4.4% to settle at $105.83 per barrel.
Gold prices fell again as the U.S. dollar gains strength and treasury yields stay elevated. December-dated gold futures dropped 0.6% to $4,325.80 an ounce.