Nasdaq 100 Slips, 10-Year Yields Hit 19-Year Highs: Stock Market Today
U.S. stocks slid at midday Wednesday as the 10-year Treasury yield surged to its highest level since 2007, after blowout September PMI data cemented bets for another Federal Reserve rate hike and sent traders scrambling out of richly valued growth names. The yield on the 10-year Treasury note jumped 12 basis points to 5.09%, its highest level since 2007, after S&P Global’s flash September PMI readings showed the fastest pace of U.S. private-sector growth in more than five years. The 2-year yield climbed 14 basis points to 4.89%, while the 30-year rose 9 basis points to 5.39%. The S&P 500 fell 0.6% to 7,715.75, while the Dow Jones Industrial Average shed 312 points, or 0.6%, to 51,551.98. The blue-chip index was dragged down by McDonald’s Corporation (NYSE: MCD ), which tumbled 5.8% after its investor day unveiled an $8.5 billion franchisee support plan that spooked investors. The Nasdaq 100 dropped 0.9% to 30,459.36 as the tech rally paused. Within Magnificent Seven stocks, Alphabet Inc. (NASDAQ: GOOGL ) sank 3.0% and Amazon.com, Inc. (NASDAQ: AMZN ) fell 1.9% amid renewed scrutiny of AI-hyperscaler debt issuance, while Nvidia Corp. (NASDAQ: NVDA ) slipped 1.7%. Gold fell 1.9% to $
S. stocks slid at midday Wednesday as the 10-year Treasury yield surged to its highest level since 2007, after blowout September PMI data cemented bets for another Federal Reserve rate hike and sent traders scrambling out of richly valued growth names. S. private-sector growth in more than five years.
39%. 98. 5 billion franchisee support plan that spooked investors. 36 as the tech rally paused.
Within Magnificent Seven stocks, Alphabet Inc. com, Inc. 9% amid renewed scrutiny of AI-hyperscaler debt issuance, while Nvidia Corp. 7%.
S. dollar index strengthened to late July highs. 3% to $84,300. Traders are now pricing in a nearly 60% chance of another 25-basis-point rate hike next month, and roughly 48% odds of a follow-up move in December, as hawkish commentary from several Fed officials reinforced the hiking narrative.
-Iran talks in New York had briefly pushed crude below $100 a barrel earlier in the session, but officials signaled the talks fell short of any deal. 69 a barrel, snapping a five-session losing streak. m. 6%.
6%. 9%. 4%. 6%, tracking the rebound in crude.
6%, as rate-sensitive dividend payers sold off alongside the jump in yields. Consumer discretionary, technology and real estate shares were also broadly lower. 4% as energy shares tracked crude higher. 3%, the worst-performing industry group of the session, as bullion’s slide hit miners hardest.
Cybersecurity names were the standout pocket of strength even as large-cap tech slid, with the AI-safety debate intensifying rotation into security software. CrowdStrike Holdings, Inc. (NASDAQ: CRWD ), Palo Alto Networks, Inc. (NASDAQ: PANW ), Okta, Inc.
(NASDAQ: OKTA ) and Palantir Technologies Inc. (NASDAQ: PLTR ) each gained roughly 3% to 4%. 33 estimate, a beat. Paychex, Inc.
9%. General Mills, Inc. 20 in adjusted EPS despite a sharp year-over-year drop in quarterly profit. 4% riding the broader rally in energy and exploration-and-production names as oil and natural gas prices rose.
HubSpot, Inc. 3% and Klaviyo, Inc. 8% after Morgan Stanley said it sees a sentiment recovery building in software stocks, naming both names among its top picks. IonQ, Inc.
9% after the company demonstrated real-time quantum error correction and disclosed a deployment tied to Nvidia’s Superion 256 system, lifting quantum-computing peers. 3% as part of the broader cybersecurity rally. On the Downside Aura Minerals Inc. 3%, tracking the broader slide in gold and gold miners as bullion fell on the hawkish PMI-driven Fed outlook.
Wayfair Inc. 6% as high yields pressured e-commerce and consumer-discretionary names, even as Truist Securities reiterated a Buy rating on the stock following recent management meetings. Aurora Innovation, Inc. 5% in reaction to its Analyst & Investor Day, where the company touted 500,000 driverless miles and plans to scale to 200 trucks by year-end but failed to clear investors’ already-elevated expectations.
Expedia Group, Inc. 0% after Morgan Stanley downgraded the stock to Underweight, citing rivals pulling ahead on user growth. Fellow travel names Booking Holdings Inc. 5%.
Arrowhead Pharmaceuticals, Inc. 9% after a new Sell rating from an analyst, combined with dilution concerns tied to a $1 billion shelf registration and notable insider stock sales from top executives following the stock’s strong run-up over the past year. 39% HubSpot, Inc. 33% IonQ, Inc.
89% Klaviyo, Inc. 76% CrowdStrike Holdings, Inc. 29% Wednesday’s Russell 1000 Top Losers Name % change Aura Minerals Inc. 31% Wayfair Inc.
56% Aurora Innovation, Inc. 51% Expedia Group, Inc. 02% Arrowhead Pharmaceuticals, Inc. 93% Image: Shutterstock