US stocks fell on Monday as bond yields continued to rise, in anticipation of more hawkish moves fro…
By US stocks fell on Monday as bond yields continued to rise, in anticipation of more hawkish moves from the Federal Reserve.[0] The Dow Jones Industrial Average (DJIA) slipped 0.7% to 33,699, while the broader S&P 500 declined 0.9% to 4,081.[1] The Nasdaq Composite, which is heavily focused on technology, ended the day with a 1.0%
The company announced that it would be decreasing its staff, becoming part of the masses of other technology firms that have laid off thousands of employees.[3] Shares of Lyft Inc.[3]
For the week ending February 4th, the number of weekly unemployment claims in the United States was 196,000.[4] [4] [4] Initial unemployment claims in the United States increased by 13,000 this week, reaching a total of 196,000 – a figure that is higher than the anticipated 190,000 and indicates a less robust labor market.[5] [6]
Gold dropped 0.97% to $1,872.30 per ounce, while West Texas Intermediate crude rose 1.35% to $74.38 per barrel.[7]
Overall, investors are awaiting more earnings and an important speech from Federal Reserve Chairman Jerome Powell.
0. “Stocks Fall as Investors Keep Eye on Path of Interest Rates” The Wall Street Journal, 8 Feb. 2023, https://www.wsj.com/articles/global-stocks-markets-dow-update-02-08-2023-11675858404
1. “Stock Market Today: Stocks Slump On Interest Rate Worries” Kiplinger's Personal Finance, 9 Feb. 2023, https://www.kiplinger.com/investing/stocks/stock-market-today-stocks-slump-on-interest-rate-worries
2. “Nasdaq, S&P, Dow look for direction, set to end lower for the week on Fed concerns” Seeking Alpha, 10 Feb. 2023, https://seekingalpha.com/news/3934862-nasdaq-sp500-dow-jones-stock-market-fed-earnings
3. “Stocks end mostly higher, but S&P 500, Nasdaq book worst weekly losses since December” MarketWatch, 10 Feb. 2023, https://www.marketwatch.com/story/u-s-stock-futures-point-to-another-down-day-on-wall-street-amid-earnings-disappointment-e26059bc
4. “CNBC Daily Open: The U.S. economy gives conflicting signals” CNBC, 9 Feb. 2023, https://www.cnbc.com/2023/02/10/stock-markets-the-us-economy-gives-conflicting-signals.html
5. “Stocks Relinquish Early Gains and Close Lower as Bond Yields Climb” Barchart, 9 Feb. 2023, https://www.barchart.com/story/news/14072296/stocks-relinquish-early-gains-and-close-lower-as-bond-yields-climb
6. “Markets Today: Stocks Climb on Positive Earnings Results and Lower Bond Yields” Barchart, 9 Feb. 2023, https://www.barchart.com/story/news/14057174/markets-today-stocks-climb-on-positive-earnings-results-and-lower-bond-yields
7. “Stock Market News Today: Yields Jump Ahead of Speech From Fed's Powell” Markets Insider, 6 Feb. 2023, https://markets.businessinsider.com/news/stocks/stock-market-news-today-dow-sp500-bond-yields-jerome-powell-2023-2
