Stocks Falter On Rate Worries
Date
10/21/2023 1:29:16 AM
(MENAFN- Baystreet) Stocks Falter on Rate Worries
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Stocks dipped Friday as traders focused on a recent run higher in the 10-year Treasury yield.
The Dow Jones Industrials swooned 176.25 points to start Friday at 33,237.92.
The S&P 500 index dropped 29.02 points to 4,248.98.
The nasdaq index dropped 96.44 points to 13,186.18.
Friday's slide deepened losses for the week. The S&P 500 is down 1.3% on the week, while the NASDAQ is off 2.1%. The Dow has lost 0.8%.
Shares of SolarEdge tumbled more than 26% after the company trimmed its third-quarter revenue guidance. Knight-Swift Transportation rallied nearly 11% after beating estimates in the third quarter on both lines.
The yield on the benchmark 10-year Treasury crossed 5% for the first time in 16 years on Thursday. The 10-year yield hit 5.001% around 5 p.m. ET, the first time it has traded above that level since July 20, 2007 - when it yielded as high as 5.029%.
Prices for the 10-year Treasury moved forward, lowering yields, for now, to 4.94% from Thursday's 4.98%. Treasury prices and yields move in opposite directions.
Oil prices gained 82 cents to $90.19 U.S. a barrel.
Gold prices advanced $20.20 to $2,000.70.
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