Stock Market Midday, Sept. 29: Stocks Edge Lower Despite $2 Trillion Anthropic Valuation
As of 11:42 AM ET, the S&P 500 (SNPINDEX:^GSPC) is down 0.25% to 7,665, the Nasdaq Composite (NASDAQINDEX:^IXIC) has slipped 0.10% to 26,793, and the Dow Jones Industrial Average (DJINDICES:^DJI) is trading 0.54% lower to 51,205 as persistent yield pressure offsets optimism surrounding new artificial intelligence dealmaking.
Gold is up 1.00% to $4,156.56, and the 10-Year Treasury yield is rising 4 basis points to 5.28%. Utilities is leading the session as the top-gaining sector, while financial services and healthcare decline.
Today's biggest moves
Cboe Global Markets is surging as trading volumes remain elevated on news that it extended its exclusive licensing agreement with S&P Dow Jones. Advanced Micro Devices is extending yesterday's gains after it announced an $8.2 billion acquisition of AI start-up World Labs. Boeing shares started to bounce back following yesterday's software glitch news.
What this means for investors
Stocks slipped again this morning as 30-year Treasury yields reached their highest level since 2002, with concerns about inflation and borrowing costs weighing on U.S. equities. However, tech stocks got a boost as reports of a potential $2 trillion valuation for Anthropic went some way to offset yield jitters.
It isn't only macroeconomic factors that have investors worried; other metrics also suggest now may be a time for caution. The Shiller CAPE ratio, which measures share prices against the last decade's earnings, hasn't been this high since 1999. The flashing warning sign adds to fears about high valuations and a potential bear market. However, caution does not have to mean panic -- it is about understanding your exposure to risk and managing it.
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Emma Newbery has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Advanced Micro Devices, Arm Holdings, and Boeing. The Motley Fool recommends Cboe Global Markets. The Motley Fool has a disclosure policy.
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