CNBC Daily Open: Something else is breaking in markets
Publishing timestamp: 2023-10-03 19:51:45
Summary
The Dow Jones Industrial Average and other major indexes lost at least 1%, pushing the Dow into negative territory for the year. The 10-year Treasury yield hit a 16-year high. European markets also fell, with the Stoxx 600 index down 1.1% and the FTSE declining 0.54%. There were more job openings than expected in August, but hires and the number of quits were relatively unchanged. Intel plans to spin off its Programmable Solutions Group through an IPO in the next two to three years. The U.S. House of Representatives voted to oust Republican Kevin McCarthy as speaker. Higher interest rates are impacting markets, with stocks and bonds seeing new 52-week lows. The narrative of low interest rates is falling apart, and Treasury yields jumped after the JOLTS report. The chance of a rate hike at the November Federal Reserve meeting increased, causing stocks to decline. The Cboe Volatility Index is at its highest level since late May. While the article suggests that the equity markets may be bottoming out, further rate hikes could lead to stocks testing new lows.
Sentiment: NEGATIVE
Tickers: .SPX, MSFT, .IXIC, .DJI, INTC, .VIX, NVDA,
Keywords: world markets, intel corp, nvidia corp, technology, business news, united states, cboe volatility index, politics, kevin mccarthy (ca-republican), s&p 500 index, matt gaetz, dow jones industrial average, markets, nasdaq composite, microsoft corp, jobs,
Source: https://www.cnbc.com/2023/10/04/stock-markets-something-else-is-breaking-in-markets.html