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Stock Market Today: Dow Stumbles as Jump in Rates Rattles Markets

Stock Markets Sep 26, 2022 04:13PM ET
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By Yasin Ebrahim

Investing.com -- The Dow fell Monday after reversing early-day gains as rising Treasury yields spooked investors amid growing fears of a recession

The S&P 500 fell 1%, the Dow Jones Industrial Average 1.1%, or 329 points, and the Nasdaq was down 0.60%.

Tech gave up its intraday gains, pressured by an ongoing climb in Treasury yields as Fed members suggest measures to slow growth including rate hikes increase the chance of the economy falling into recession.

Atlanta Federal Reserve president Raphael Bostic said the Fed “still has a ways to go” to bring down inflation. Bostic’s remarks come hours after Boston Fed President Susan Collins said higher unemployment would be needed to help curb inflation.

The U.S. 10-Year Treasury yield climbed to nearly 4%, while the U.S. 2-Year Treasury climbed to about 4.3% to a 15-year high.

Apple (NASDAQ:AAPL), however, weathered the storm to end the day roughly flat following positive commentary on iPhone demand from JPMorgan.

JPMorgan cited the Wave7 August survey showing Apple’s new product line is expected to fare better than the iPhone 13.

Chip stocks also added pressure on the tech sector, driven by NVIDIA Corporation (NASDAQ:NVDA), Advanced Micro Devices (NASDAQ:AMD), and Micron Technology Inc (NASDAQ:MU) down more than 2%.

Utilities, a bond-proxy that is less attractive in a rising rate environment, also played a role in the market selloff.

Energy fell more than 2% as oil prices continued to tumble on worries that worsening global growth will further dent energy demand.

“At current levels, it appears the market is now pricing-in the typical impact of a deep recession,” ANZ Research said in a recent note, though added that the selloff in oil “could see OPEC intervene again.”

Halliburton Company (NYSE:HAL), ONEOK Inc (NYSE:OKE), and Baker Hughes Co (NASDAQ:BKR) fell sharply with the latter down more than 5%.

Consumer stocks, however, were the relatively outperforming sector on the day, lifted by a surge in casino stocks after Macau said it would resume visitation access from Mainland China through tours and e-visas.

Las Vegas Sands (NYSE:LVS), Wynn Resorts (NASDAQ:WYNN), and Melco Resorts & Entertainment Ltd (NASDAQ:MLCO) were up double-digits.

In other news, PG&E Corp (NYSE:PCG) was up more than 1% as the company is set to replace Citrix Systems (NASDAQ:CTXS) in the S&P 500.

Stock Market Today: Dow Stumbles as Jump in Rates Rattles Markets
 

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Comments (21)
lakes Tenn
lakes Tenn Sep 26, 2022 9:03PM ET
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even with oil down. it looks like its going to be another red GDP. ugly end of the week coming
lakes Tenn
lakes Tenn Sep 26, 2022 9:02PM ET
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even with oil down (artificially) it looks like we are in for another red GDP. going to be another ********end of week
Scott Bailey
Scott Bailey Sep 26, 2022 8:37PM ET
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Rates dont rattle market, Biden does
Bruno Diaz
Bruno Diaz Sep 26, 2022 8:33PM ET
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Get out of the Market before you become another sheep for the slaughtery, Don't Get FOMO or Buy Because Is suposely cheap in value investing, Be Patient Till this Market Hits Rock Bottom, Otherewise, you'll lose big Money!!!, This Downside Is Far from Over
Tom Michaels
Tom Michaels Sep 26, 2022 8:18PM ET
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all bull baloney, all rigged.
paturi naveen
paturi naveen Sep 26, 2022 7:30PM ET
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I am not bothered about Republicans,Democrats,Mutual Funds,and their managers,and HNW Individuals,with big salaries,cars,house etcbut about those investors having not much savings,and most of the savings is invested in Market and Mutual Funds,exit with a minor loss,keep it all cash,your savings are for the rainy day which will be handy,otherwise by Fed rate hikes ,market will fall more and savings value will diminish and not help you much in the hard times,like your umbrella with holes will still you get sick with fever,and everyone will be healthy,but these people.
Siddhart Singh
Siddhart Singh Sep 26, 2022 7:07PM ET
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today market is bullish
Siddhart Singh
Siddhart Singh Sep 26, 2022 7:07PM ET
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today market is bullish
Siddhart Singh
Siddhart Singh Sep 26, 2022 7:07PM ET
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today market is bullish
paturi naveen
paturi naveen Sep 26, 2022 6:57PM ET
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I am not expert,i suggest sell all the risky stocks and stay with the cash,if recession is hard,it will help in the rainy day as individual investors should exit as mutual funds will keep more cash to sustain losses,which individual investor will not have.Exit from mutual funds is good ,as stocks will fall more,rise less,better exit as they are not HNW Individuals who have many umbrella's for rainy days
Warm Camp
Warm Camp Sep 26, 2022 6:57PM ET
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Take it easy. Selling low is one of the worst things done by investors. Another one is buying high.
paturi naveen
paturi naveen Sep 26, 2022 6:57PM ET
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Just as i said,i am not expert,but Fed wants to hike rates more and till Dec ending might be 4%,then if you sell,value will fall.We are not HNW Individuals and our savings are invested in market and Mutual Funds.Hard earned savings are for rainy days,not whimsical predictions,that may come true,if not ,hard earned savings invested will not be helping you in the rainy days,as valuation can fall,MF managers will lose a little of their bonus,but our savings will be wiped out and will not be an umbrella on the rainy day
 
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