Stocks are down as bond yields rise, with energy stocks holding up the market

From NASDAQ: 2024-10-07 10:03:54

The S&P 500, Dow Jones, and Nasdaq are all down today as bond yields rise. Energy stocks are holding up the market. Israel is involved in conflicts with Gaza and Lebanon. US CPI data is awaited to see if easing prices continue. The chance of a -25 bp Fed rate cut is at 85%.

Interest rates are down due to a strong US payroll report lowering chances of a Fed rate cut next month. Eurozone investor confidence is up, while German factory orders have fallen. The ECB is expected to cut interest rates, with swaps pricing it in at 92% for October. US stock movers include Amazon, Apple, and Netflix down, while Air Products and Generac Holdings are up.

Energy stocks and companies with Macau exposure are gaining. Coupang is up following an upgrade. Earnings reports on 10/7 include Aviat Networks, Dakota Gold Corp, and Duckhorn Portfolio. Stock markets overseas are up, with China closed for a holiday. European bond yields are rising. Germany and the UK are seeing higher yields. Middle East tensions and higher energy prices are impacting the markets.



Read more at NASDAQ: Stocks Fall as Bond Yields Rise on Reduced Rate-Cut Expectations