Dow, Nasdaq Add Triple Digits Despite Bond Yield Bounce
Wall Street pivoted higher Monday, as investors brushed off rising Treasury yields ahead of highly-anticipated corporate earnings results. The Dow closed up shop with a 314-point win, the Nasdaq also rose triple digits, and the S&P 500 settled just shy of the 4,400 level. Meanwhile the Cboe Volatility Index (VIX), a common "fear gauge" for investors, recorded its biggest single-session percentage drop since June.
- This tech stock could reclaim multi-month highs.
- Analyst upgrades biotech despite revenue slash.
- Plus, key SPX levels to watch; pharmacy stock in trouble; and big M&A news.
5 Things to Know Today
- Space companies that pursue and secure government contracts are pulling investors in, with Space Capital reporting space infrastructure firms bringing $8.4 billion in investments in 2023. (CNBC)
- U.S. President Joe Biden postponed his speech in Colorado, as he considers going to Israel within the next few days in hopes of preventing the region's war from spreading further. (MarketWatch)
- SPX levels to watch as pessimism reaches its zenith.
- Major pharmacy company filed for Chapter 11 bankruptcy.
- Semiconductor merger results in new memory business.
Oil Futures Break Lower
Oil futures fell Monday as all eyes are still fixed on the Israel-Gaza war, and the U.S. is reportedly looking to negotiate with Venezuela to ease oil sanctions. For the session, crude for November delivery lost $1.03, or 1.2%, to settle at $86.66 per barrel.
Gold futures took a step back today. For the session, December-dated gold lost $7.20, or 0.4%, to settle at $1,934.30 an ounce
