Stock Market Midday, Sept. 1: Stocks Slide on Global Bond Sell-Off
As of 11:36 AM ET, the Nasdaq Composite (NASDAQINDEX:^IXIC) is down 0.69% to 26,190, while the S&P 500 (SNPINDEX:^GSPC) has fallen 0.42% to 7,654, and the Dow Jones Industrial Average (DJINDICES:^DJI) is trading 0.42% lower at 52,964 as mounting geopolitical tensions weigh on sentiment.
Gold is down 1.62% to $4,409.10, and the 10-Year Treasury yield is up 0.01% to 4.77%. Communication and consumer defensive stocks are leading sector gainers, while technology and industrials are underperforming.
Today's biggest moves
Shares of Apple rose this morning as John Ternus succeeds Tim Cook as CEO. Dell Technologies slipped ahead of its earnings due after the bell. Both Duolingo and Robinhood Markets posted gains following analyst upgrades.
What this means for investors
Rising bond yields are back in the spotlight today as the global bond sell-off continued. Bloomberg reports that U.S. 30-year bonds have not been this high for this long since 2006, reflecting concerns about rising oil prices, inflation, and government debt. Yields are elevated in a number of countries, with Japan's 10-year bond briefly hitting 3% today for the first time in 30 years.
The increasing likelihood of a Federal Reserve rate hike this month also pressured equities, particularly the tech-heavy Nasdaq. When rates are high, borrowing becomes more expensive, reducing demand and weighing on risk appetite. It's never a good idea to make dramatic portfolio changes. Even so, with indexes close to all-time highs and possible turbulence ahead, it may be a good time to revisit your allocation and make sure you are comfortable with the level of risk.
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Emma Newbery has positions in Apple and Garmin. The Motley Fool has positions in and recommends Apple, Duolingo, Garmin, and Goldman Sachs Group. The Motley Fool has a disclosure policy.
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