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Stock Market Midday, Sept. 28: Stocks Slide as Yields Rise, MongoDB Tumbles

Source The Motley Fool

As of 11:56 AM ET, the S&P 500 (SNPINDEX:^GSPC) is down 0.78% to 7,684, the Nasdaq Composite (NASDAQINDEX:^IXIC) has fallen 0.90% to 26,823, and the Dow Jones Industrial Average (DJINDICES:^DJI) is trading 0.72% lower at 51,465 as geopolitical tensions and rising energy costs weigh on risk appetite.

Gold is down 3.83% to $4,122.91, and the 10-Year Treasury yield is up 8 basis points to 5.26%. Energy and consumer defensive stocks are the biggest gainers, with many sectors in the red. Consumer cyclicals and communication services fell the most.

Today's biggest moves

Nvidia Corporation is climbing after the chipmaker announced a massive $150 billion share buyback, while MongoDB, Inc. is cratering following the surprise departure of its CEO. President and CEO, Chirantan "CJ" Desai, is moving to Meta Platforms. Chipmakers, including Intel and Advanced Micro Devices, fell on artificial intelligence safety concerns.

What this means for investors

The rejection of a U.S.-Iran truce proposal is weighing on sentiment today, as investors weighed continued disruption to oil supplies. Investors fled to defensive sectors as oil prices surged and hopes of an imminent reopening of the Strait of Hormuz faded again.

Treasury yields continued to rise, setting multi-year highs as geopolitical uncertainty and inflation fears contributed to a bond sell-off. There’s a lot of economic data coming this week, including inflation and jobless figures, which will be key for markets as they evaluate the economy.

Meanwhile, investors are bracing for a major shift in timing as the NYSE, Nasdaq, and the London Stock Exchange expand trading hours. It could fundamentally change liquidity and the way markets work, but there are regulatory and investor-protection risks to consider.

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Emma Newbery has positions in Nvidia. The Motley Fool has positions in and recommends Advanced Micro Devices, Intel, Meta Platforms, MongoDB, and Nvidia. The Motley Fool has a disclosure policy.

Disclaimer: For information purposes only. Past performance is not indicative of future results.

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