Yahoo Finance published this video item, entitled “Stocks close mixed as yields recede from 16-year highs: Stock Market Today | October 23, 2023” – below is their description.
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Stocks were mixed on Monday after the benchmark 10-year Treasury yield briefly rose above 5%, before retreating as investors increasingly accept interest rates will stay higher for longer.
The Dow Jones Industrial Average (^DJI) fell 0.6% or nearly 200 points while the S&P 500 (^GSPC) dropped nearly 0.2%. Meanwhile, the Nasdaq Composite (^IXIC) rose about 0.3%.
The ongoing sell-off in bonds and worries about an escalation in Middle East hostilities are weighing on the market, as it waits for Big Tech companies to fire up earnings season this week. Stocks have stuttered as the “new normal” of elevated borrowing costs has sunk in, after Fed Chair Jerome Powell signaled the central bank’s commitment to the strategy.
After breaching 5% to start the day, the 10-year yield (^TNX) was down to 4.84% on Monday. The yield on 30-year (^TYX) Treasury also fell and now sits just below 5%.
Against that backdrop, investors are bracing for key data to shed light on the strength of the US economy. Readings on third quarter GDP and the Fed’s preferred inflation gauge are expected later this week.
Shares of Chevron (CVX) fell 3% in pre-market after the oil major said it will buy its smaller rival Hess (HES) for $53 billion in stock, seen as a bid to increase its operations in Guyana. Elsewhere in deal news, Roche has agreed to pay $7.1 billion to acquire Telavant. The bowel drugmaker is owned by Pfizer (PFE) and Roivant Sciences (ROIV), whose shares rose almost 12%.
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