Interest rates were the focus again, with bond yields continuing to rise. Higher interest rates are generally bad for stocks since investors will put money in secure interest-bearing investments instead of stocks when interest rates are higher.
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With the major indices lower across the board, the DOW snapped its 5-day winning streak with a 201 point loss. It was the worst loss for the DOW since July 11th.
Here’s where the major indices ended the day:
- The S&P finished 0.8% lower. Down 24 points, the S&P ended at 2,902.
- The DOW ended with a 0.8% loss. Dropping 201 points, the DOW closed at 26,627.
- The NASDAQ was down 1.8%. With a 146 point drop, the NASDAQ finished at 7,880.
- Bitcoin finished 1.8% higher. Up $115, Bitcoin ended at $6,525.
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Crude Oil (CL) retreated from multi-year highs today. WIth a 2.6% slide, Crude Oil finished at $74.39 a barrel.
Apple (AAPL) and Amazon (AMZN) were lower after news that Chinese spy chips had been interested in motherboards sold to the two companies. The companies denied the claims, but Apple still lost 1.8% and Amazon was down 2.2%
In earnings news, Constellation Brands (STZ) jumped after better than expected earnings. The company finished the day with a .5.4% gain.
Elon Musk and Tesla (TSLA) were in the news again today, after Elon Musk took aim at the SEC (typo and all) with the following tweet, “Just want to that the Shortseller Enrichment Commission is doing incredible work. And the name change is so on point!”
The tweet comes just a few days after Musk and the SEC reached a settlement over his misleading “going private” tweet. Tesla lost 4.4% today and is down as much as 2% in after-hours trading.
Tomorrow traders will keep a close eye on the September Jobs Report, released at 8:30am ET.
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Source: RockwellTrading by Markus Heitkoetter | Original Link