Stocks down due to Hawkish Fed Governor pushing bond yields higher

From Nasdaq: 2024-09-30 12:13:14

Stocks are down today, with the S&P 500, Dow Jones, and Nasdaq all lower. Hawkish comments by Fed Governor Bowman led T-note yields higher, weighing on stocks. Automakers like Stellantis NV are under pressure, while Apple is up after demand for its latest iPhone models picks up. Chinese stocks surged to a 16-month high on stimulus measures.

Investors are anticipating comments from Fed Chair Powell and the upcoming US payroll report. The chance of a rate cut at the November FOMC meeting is high. Overseas markets are mixed, with European bond yields fluctuating. ECB President Lagarde hints at a potential interest rate cut in October. Swaps suggest a 77% chance of a cut.

Stock movers today include chips, cruise line operators, Baxter International, and automakers like Stellantis NV, General Motors, and Ford Motor. Boeing leads losers in the Dow after talks with machinists union break down. Apple is leading gainers after slow iPhone Pro demand picks up. Chinese stocks like PDD Holdings and Alibaba are surging after favorable trading.

Upcoming earnings reports include Carnival Corp and ReposiTrak Inc. News from Barchart for more stock market insights.



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