Stock Market Today, Oct. 7: Markets Edge Lower as Treasury Yields Surge
Key Points
Caterpillar moved the Dow today while the rest of the index traded mostly sideways.
The S&P 500 and Nasdaq Composite indexes also held flat.
The Fed's September minutes lifted gold prices and reduced bond yields.
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The S&P 500 (SNPINDEX:^GSPC) fell 0.23% to 7,801 as investors pulled back from record levels, while the Nasdaq Composite (NASDAQINDEX:^IXIC) slipped 0.22% to 27,539 and the Dow Jones Industrial Average (DJINDICES:^DJI) lost 0.66% to 51,180.
Gold prices fell 1.34% to $4,130.80 as of U.S. market close, the 10-Year Treasury yield declined 0.04% to 5.27%, and Utilities led the session while Real Estate lagged and Technology remained a notable gainer.
Today's biggest moves
Caterpillar (NYSE:CAT) shares fell 5.7% after a broker downgrade to hold, and Constellation Brands (NYSE:STZ) slid after reaffirming its annual profit forecast. Conversely, Intel (NASDAQ:INTC) gained on news regarding its Terafab project while Nvidia (NASDAQ:NVDA) attracted interest following reports of a potential multi-billion-dollar chip deal with SpaceX.
What this means for investors
The Dow's 0.7% decline was almost entirely one stock. Caterpillar's 5.7% drop removed 295 points, roughly 86% of the index's loss. Price-weighted indexes care more about share price than total market value. Take out Caterpillar's move and the Dow matches the other two at roughly flat.
The rest of the day was a shrug with interesting corners. Micron Technology (NASDAQ:MU) rose 4.1% and led both of the cap-weighted major indexes higher. Nvidia (NASDAQ:NVDA) and Space Exploration Technologies (NASDAQ:SPCX) both fell on reports of a multibillion-dollar chip deal between them, which is a strange reaction to good news.
The thing to watch isn't today's dip. It's the 30-year Treasury yield at a 24-year high, quietly raising the cost of everything.
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Anders Bylund has positions in Intel, Micron Technology, and Nvidia. The Motley Fool has positions in and recommends Caterpillar, Intel, Micron Technology, and Nvidia. The Motley Fool recommends Constellation Brands. The Motley Fool has a disclosure policy.
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