Dow closes 250 points lower as 10-year Treasury yield nears 5%: Live updated
Live updates on the Dow closing 250 points lower as 10-year Treasury yield nears
October 20, 2023, 02:34 PKT
- The Dow Jones Industrial Average closed down 250.59 points, or 0.74%, at 33,670.59.
- The S&P 500 fell 0.10%, or 4.16 points, to 4,310.44.
- The Nasdaq Composite dropped 0.17%, or 22.77 points, to 13,291.53.
The 10-year Treasury yield closed at 4.967%, just shy of the closely watched 5% threshold.
Factors contributing to the market decline:
- Rising interest rates: The Federal Reserve is raising interest rates in an effort to combat inflation. This is making it more expensive for businesses to borrow money and invest, which could weigh on economic growth.
- Stronger dollar: The US dollar has been strengthening against other currencies, which can make US exports less competitive and hurt corporate profits.
- Geopolitical tensions: The ongoing war in Ukraine and other geopolitical tensions are also weighing on investor sentiment.
Analysts are divided on the outlook for the stock market in the near term. Some believe that the market has further to fall, while others believe that it has already bottomed out. Investors should carefully consider their own risk tolerance and investment goals before making any investment decisions
Here are some tips for investors in the current market environment:
- Stay diversified: Don't put all your eggs in one basket. Spread your money across different asset classes, such as stocks, bonds, and cash.
- Invest for the long term: Don't try to time the market. Instead, focus on investing in companies with strong fundamentals that you believe will grow over the long term.
- Rebalance your portfolio regularly: Make sure your portfolio allocation still aligns with your risk tolerance and investment goals.
If you have any questions or concerns, please speak to a financial advisor.
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Musk also warned that the company's Cybertruck will not produce much positive cash flow more than a year after production starts.
Netflix shares, on the other hand, jumped 16% for its best day since January 2021. The action comes a day after the streaming giant posted third-quarter earnings that beat estimates. The company got a boost from strong ad-tier subscriptions.
Beyond technology stocks, AT&T climbed more than 6% after beating expectations for the third quarter, while investment firm Blackstone slid nearly 8% on a weaker-than-expected report.
The three major indexes are also on pace to end the week lower. The Nasdaq is poised to slip 1.7% on the week, while the S&P 500 and Dow are on track to post losses of 1.2% and 0.8%, respectively.
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