Inventory market at this time: Reside updates
Merchants on the ground of the NYSE, Aug. 15, 2023.
Supply: NYSE
The Nasdaq Composite jumped Monday, led by tech shares, whilst charges reached ranges not seen in over a decade.
The tech-heavy index gained 1.3%, on tempo for its greatest one-day advance since July 28, when it rallied 1.9%. It was additionally on observe to snap a four-day dropping streak. The S&P 500 gained 0.4%, whereas the Dow Jones Industrial Common slid 92 factors, or 0.3%.
Palo Alto Networks rallied 15% on stronger-than-expected earnings, and Nvidia popped 6% forward of its earnings report due Wednesday. Tesla and Meta climbed 6% and a pair of%, respectively. The S&P 500 tech sector popped 1.8%.
These strikes got here even because the benchmark 10-year Treasury observe yield hit a excessive of 4.34%. That is its highest stage since November 2007.
“I feel the trail of least resistance is the momentum that you have seen coming into this week,” mentioned Jeff Schulze, head of financial and market technique at ClearBridge Investments. “The ten-year Treasury continues to rise right here, and though you probably did see optimistic impulse for markets and specifically cyclicals, I feel, in the end, the 10-year Treasury goes to weigh on valuations and put extra downward stress on the markets because the week develops.”
Monday’s strikes come after weekly declines on Wall Avenue, which added to the market’s late-summer stoop. The S&P 500 and Nasdaq every fell for a 3rd straight week, whereas the Dow had its greatest weekly decline since March.
This week, traders are anticipating an handle Friday morning from Federal Reserve Chair Jerome Powell on the central financial institution’s annual symposium at Jackson Gap, Wyoming.
