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Stock Market Today: Dow ends lower on tech weakness as rising Treasury yields bite

Published Dec 03, 2023 06:32PM ET Updated Dec 04, 2023 04:05PM ET
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Investing.com -- The Dow ended lower Monday, though cut some losses into close despite weakness in tech amid rising Treasury yields ahead of the monthly jobs report later this week.  

By 16:00 ET (21:00 GMT), the Dow Jones Industrial Average fell 35 points, or 0.1%, the S&P 500 fell 0.6%, and the NASDAQ Composite fell 0.8%.

Treasury yields rise to hurt tech ahead of key economic data; Meta down as Zuckerberg trims holdings 

Growth sectors of the market including tech stocks took a breather from their recent climb as Treasury yields started the week on the front foot as investors question recent bets on sooner rather later rate cuts ahead of key economic data this week. 

"The US jobs report next Friday will be the highlight of the week, with the University of Michigan data also in focus," Deutsche Bank said in a note on Monday, estimating the economy produced 130,000 in November, with the unemployment rate unchanged at 3.9%.

The yield on the 10-year Treasury rose 4 basis points to 4.266%, with some suggesting the recent plunge in yields on Fed cut bets has been too much too fast. "[T]he market has moved too quickly towards pricing a more balanced environment that we expect will come only slowly," {{0|Goldman Sachs said in a recent note. 

Big tech stumbled, paced by a decline in Alphabet Inc Class A (NASDAQ:GOOGL) and Apple Inc (NASDAQ:AAPL), with the latter also weighed by concerns about iPhone production disruptions. 

Apple is reportedly facing iPhone supply disruptions in India as suppliers Foxconn and Pegatron stopped iPhone production at facilities near Chennai, India owing to adverse weather Reuters reported Monday, citing sources.

Meta Platforms Inc (NASDAQ:META), meanwhile, fell more than 1% after CEO Mark Zuckerberg sold 680,000 of his shares in the company in November, according to a US Securities and Exchange Commission filing.

Spotify swings axe on jobs again; Virgin Galactic falls on weaker investment outlook

Spotify Technology SA (NYSE:SPOT) rose more 7% after detailing plans to cut 1,500 jobs, or about 17% of its workforce as music streaming company looks to trim costs amid a challenging economic backdrop.

"I decided that a substantial action to rightsize our costs was the best option to accomplish our objectives,” Spotify CEO Daniel Ek said, pointing to the gap between the company's financial goals and its current operational costs.

Virgin Galactic (NYSE:SPCE) fell 18% after Richard Branson told the Financial Times that he had no plans to plough further money in the space travel company. 

Alaska Air set to buy Hawaiian; Ford advances on rising hybrid sales 

In corporate news, Alaska Air (NYSE:ALK) stock fell 14% after the carrier agreed to acquire rival Hawaiian Holdings (NASDAQ:HA) for $1.9 billion, with the acquisition anticipated to close within the next 12 to 18 months.

Ford (NYSE:F) stock rose 1% after the auto giant posted a 0.5% drop in U.S. sales for November, following the impact from production disruptions owing to lengthy workers' strike, though the automaker also posted strong sales of its hybrid vehicles. 

Hybrid vehicle sales rose 75.2% to 12,108 units. 

Crypto stocks shine as bitcoin briefly tops $42,000

Crypto-related stocks including  Coinbase Global (NASDAQ:COIN), MicroStrategy Incorporated (NASDAQ:MSTR), and Riot Platforms (NASDAQ:RIOT) rallied sharply after bitcoin crossed $40,000 for the first time this year. The latest move higher comes amid ongoing optimism that a spot-bitcoin exchange traded fund is likely to be approved by U.S. regulators.  

Bitcoin (BitfinexUSD) topped $42,000 before paring some gains.

(Peter Nurse, Oliver Gray contributed to this item.)

Stock Market Today: Dow ends lower on tech weakness as rising Treasury yields bite
 

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Comments (12)
Michael Benson
Michael Benson Dec 04, 2023 8:09PM ET
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The market is showing signs of recovery.
Michael Benson
Michael Benson Dec 04, 2023 8:05PM ET
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Technology stocks continue to perform well.
Tom Michaels
Tom Michaels Dec 04, 2023 6:24PM ET
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Just a Mega Scam.
Kapil Mehta
Kapil Mehta Dec 04, 2023 6:24PM ET
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how ?
Kapil Mehta
Kapil Mehta Dec 04, 2023 6:24PM ET
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can you elaborate
Mitchel Pioneer
Mitchel Pioneer Dec 04, 2023 3:41PM ET
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Yet another intraday miracle in the BIGGEST INVESTMENT JOKE IN THE WORLD.
TheLast LoserDon
TheLast LoserDon Dec 04, 2023 2:44PM ET
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oh no the end of America has started. The perma bears were correct. stock up on supplies and get all your vaccinations for the new world. /s
Casador Del Oso
Casador Del Oso Dec 04, 2023 2:44PM ET
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I'm a tempabear. Once SP500 bottoms to 2700-2900 range after the recession starts, I will buyback SPY and become a bull again.
First Last
First Last Dec 04, 2023 2:44PM ET
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Casador Del Oso   When was last time you were bullish?
Casador Del Oso
Casador Del Oso Dec 04, 2023 12:24PM ET
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More balanced equal pivot imminent. LOL
First Last
First Last Dec 04, 2023 12:24PM ET
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"More balanced equals" the current  pivot to neutral lasts longer.
Casador Del Oso
Casador Del Oso Dec 04, 2023 12:24PM ET
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Matthew VS
Matthew VS Dec 04, 2023 11:02AM ET
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I don't sell, and I do great. Others need to realize this and get their heads out of their a$$.
Matthew VS
Matthew VS Dec 04, 2023 11:00AM ET
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I don't sell, and I do great. Others need to realize this.
Merica Moment
Merica Moment Dec 04, 2023 10:08AM ET
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Bitcoin is heading to zero. Mark my words. Tulip mania 2.0
Corey DeLaplain
SniperSam Dec 04, 2023 10:08AM ET
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Merica, unfortunately for the Crapto crowd it will first go higher sucking many more info this greater fool scam. Even worse yet are all the many participates in the Crapto industry setting humanity up for the future massive tyranny inducing digital currencies that all the ignorant youth thinks is cool and progressive!
Daniel Thompson
Daniel Thompson Dec 04, 2023 10:08AM ET
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how many people have said test before and yet it keeps outperforming the markets time and time again but yea every one should listen to you
Casador Del Oso
Casador Del Oso Dec 04, 2023 10:05AM ET
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Bond yields rising nicely again.
 
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