Stock Market Today Nasdaq S& P 500 Fall Again as Treasury Yields Rise Kiplinger Kiplinger is supported by its audience. When you purchase through links on our site, we may earn an affiliate commission. Here's why you can trust us.

Stock Market Today Nasdaq S& P 500 Fall Again as Treasury Yields Rise

Newly upgraded Amgen (AMGN) kept the Dow's head above water. (opens in new tab) (opens in new tab) (opens in new tab) Newsletter sign up Newsletter (Image credit: Getty Images) By Karee Venema published 11 October 2022 Most stocks closed lower for a fifth straight day Tuesday, as rising government bond yields turned up the heat once again. The Nasdaq Composite (-1.1% at 10,426) and the S&P 500 Index (-0.7% at 3,588) finished in the red as the 10-year Treasury yield climbed 5.2 basis points to 3.937%. (A basis point = 0.01%.) Remember, rising bond yields can have an outsized effect on tech stocks that are valued based on longer-term earnings. And as bond yields and borrowing costs rise, these longer-term earnings can be negatively impacted.

If Home Prices Fall, Will Stocks Follow? Not helping matters was an early afternoon speech from Cleveland Fed President Loretta Mester. "Given the current level of inflation, its broad-based nature, and its persistence, I believe monetary policy will need to become more restrictive in order to put inflation on a sustainable downward path to 2 percent," Mester said. Investors will hear the latest inflation updates this week, with the producer price index (PPI) set for release tomorrow and the consumer price index (CPI) due out Thursday.

Subscribe to Kiplinger s Personal Finance

Be a smarter, better informed investor. Save up to 74%

Sign up for Kiplinger s Free E-Newsletters

Profit and prosper with the best of Kiplinger's expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail. Profit and prosper with the best of Kiplinger's expert advice - straight to your e-mail. Sign up Sign up for Kiplinger's FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice. However, the Dow Jones Industrial Average (+0.1% at 29,239) eked out a win thanks to a big rally in Amgen (AMGN (opens in new tab)). The biotech stock jumped 5.7% after Morgan Stanley analyst Matthew Harrison upgraded it to Overweight (the equivalent of a Buy), saying AMGN has upside potential thanks to its experimental weight-loss drug, AMG133. (Image credit: YCharts) Other news in the stock market today:The small-cap Russell 2000 edged up 0.06% to 1,692.U.S. crude futures fell 2% to settle at $83.95 per barrel.Gold futures gained 0.6% to finish at $1,686 an ounce.Bitcoin shed 1.1% to $18,996.66. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.)Walgreens Boots Alliance (WBA (opens in new tab)) rose 2.4% after the drugstore chain said it will buy the remaining 45% of at-home healthcare company CareCentrix it doesn't own for $392 million. WBA expects the full acquisition to be complete in March 2023.Ride-sharing stocks Uber Technologies (UBER (opens in new tab), -10.4%) and Lyft (LYFT (opens in new tab), -12.0%) slid after the Labor Department said it will revisit how some gig workers are classified. "While independent contractors have an important role in our economy, we have seen in many cases that employers misclassify their employees as independent contractors, particularly among our nation's most vulnerable workers," said Marty Walsh, secretary of Labor, in a prepared statement. "Misclassification deprives workers of their federal labor protections, including their right to be paid their full, legally earned wages.

Q3 Earnings Season What the Experts Are Saying

In addition to this week's PPI and CPI releases, inflation will be a major point of focus as the third-quarter earnings season kicks off. Beverage giant PepsiCo (PEP (opens in new tab)) headlines tomorrow's results, while big banks like JPMorgan Chase (JPM (opens in new tab)) and Wells Fargo (WFC (opens in new tab)) appear on Friday's earnings calendar.

The Best Oil Stocks to Buy Now, According to the Pros Expectations are low for earnings growth this time around thanks to a quarter full of macro headwinds, including inflation, a stronger dollar and rising interest rates. "As of today, the S&P 500 is expected to report (year over-year) earnings growth of 2.4% for the third quarter, which would be the lowest earnings growth reported by the index since Q3 2020," says John Butters, senior earnings analyst at FactSet. And this is down from the 2.8% third-quarter earnings growth that was estimated on June 30. Here, we rounded up what some of Wall Street's top minds are saying about a potentially brutal Q3 earnings. Take a look.

What is a Single-Stock ETF? Explore More Stock Watch Markets Stock Market Today Amgen (AMGN) Uber Technologies (UBER) Lyft (LYFT) Karee VenemaContributing Editor, Kiplinger.comWith over a decade of experience writing about the stock market, Karee Venema is an investing editor and options expert at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis. Latest 4 Ways You Can Take Advantage of a Down Market With markets down for the year, it may seem that all the news is bad. But now could be a good time to make some profitable moves. By Adam Grealish • Published 11 November 22 New, Used or Leased: Is Now the Time to Buy an Electric Vehicle? The Inflation Reduction Act created new tax breaks for electric vehicles. Here's a guide to which EVs count and the best time to buy. By Rivan V. Stinson • Published 11 November 22 You might also like Stock Market Today: Stocks Lift Off After Encouraging Inflation Report The major market indexes rallied to their best day in two years after data showed inflation slowed in October. By Karee Venema • Published 10 November 22 Stock Market Today: Stocks Snap Win Streak as Midterm Results Roll In A continued selloff in cryptocurrencies and crypto-related stocks put pressure on the broader market today, too. By Karee Venema • Published 9 November 22 Stock Market Today: Huge Crypto Deal Shakes Up Nasdaq News that crypto exchange Binance will buy its rival sent Bitcoin and several tech stocks into a tailspin. By Karee Venema • Published 8 November 22 Stock Market Today: Stocks Rise Ahead of Midterms The Dow outperformed thanks to a major M&A-related boost for drugstore chain Walgreens Boots Alliance. By Karee Venema • Published 7 November 22 Stock Market Today: Stocks Swing Wildly After October Jobs Data The major indexes ended with their first win of the week thanks to the latest jobs report. By Karee Venema • Published 4 November 22 Kiplinger's Weekly Earnings Calendar (Nov. 7-11) stocks Check out our earnings calendar for the upcoming week. By Karee Venema • Last updated 11 November 22 Stock Market Today: Stocks Fall Again as Fed Hangover Persists The major market indexes notched a fourth straight loss as Powell's rate-hike warning kept investor sentiment in check. By Karee Venema • Published 3 November 22 Stock Market Today: Stocks Post-Fed Pop Reverses After Powell Takes the Mic It was a volatile session on Wall Street as investors parsed over the Fed's latest policy statement and Powell's presser. By Karee Venema • Published 2 November 22 View More ▸ kiplinger About Us (opens in new tab) Terms and Conditions (opens in new tab) Privacy Policy (opens in new tab) Cookie Policy (opens in new tab) Kiplinger is part of Future plc, an international media group and leading digital publisher. Visit our corporate site.
© Future US, Inc. Full 7th Floor, 130 West 42nd Street, New York, NY 10036.