Stocks close mixed as yields recede from 16-year highs: Stock market news today – Yahoo Finance

Stocks were mixed on Monday after the benchmark 10-year Treasury yield briefly rose above 5%, before retreating as investors increasingly accept interest rates will stay higher for longer.
The Dow Jones Industrial Average (^DJI) fell 0.6% or nearly 200 points while the S&P 500 (^GSPC) dropped nearly 0.2%. Meanwhile, the Nasdaq Composite (^IXIC) rose about 0.3%.
The ongoing sell-off in bonds and worries about an escalation in Middle East hostilities are weighing on the market, as it waits for Big Tech companies to fire up earnings season this week. Stocks have stuttered as the "new normal" of elevated borrowing costs has sunk in, after Fed Chair Jerome Powell signaled the central bank's commitment to the strategy.
After breaching 5% to start the day, the 10-year yield (^TNX) was down to 4.84% on Monday. The yield on 30-year (^TYX) Treasury also fell and now sits just below 5%.
Against that backdrop, investors are bracing for key data to shed light on the strength of the US economy. Readings on third quarter GDP and the Fed's preferred inflation gauge are expected later this week.
Shares of Chevron (CVX) fell 3% in pre-market after the oil major said it will buy its smaller rival Hess (HES) for $53 billion in stock, seen as a bid to increase its operations in Guyana. Elsewhere in deal news, Roche has agreed to pay $7.1 billion to acquire Telavant. The bowel drugmaker is owned by Pfizer (PFE) and Roivant Sciences (ROIV), whose shares rose almost 12%.
Stocks were mixed on Monday as the Nasdaq tracked higher while yields tracked lower throughout the trading day.
The Dow Jones Industrial Average (^DJI) fell 0.6% or nearly 200 points while the S&P 500 (^GSPC) dropped nearly 0.2%. Meanwhile, the Nasdaq Composite (^IXIC) rose about almost 0.3%. After breaching 5% to start the day, the 10-year yield (^TNX) was down to 4.84% on Monday. The yield on 30-year (^TYX) Treasury also fell and now sits just below 5%.
Monday’s trading session marked the lowest close for the benchmark S&P 500 since May 31.

Arm (ARM) stock popped more than 7% on Monday afternoon after a Reuters report revealed a new partnership between the chipmaker and AI leader Nvidia (NVDA).
Reuters said Nvida has been designing central processing units (CPUs) that would operate Microsoft’s Windows system via Arm’s technology. A push into PC chips could hurt others in the space like Intel (INTC), according to Reuters. Intel’s stock fell more than 3% on the news.
Yields showed no signs of easing their volatility streak on Monday.
The 10-year yield (^TNX) popped above 5% early Monday morning and fell all the way to 4.85% by the afternoon. eToro’s Callie Cox says that’s the largest intraday move by the 10-year Treasury yield since the initial heat of the regional banking crisis in Monday.

Okta (OKTA) led the Yahoo Finance trending tickers page on Monday as shares fell more than 9%. The negative stock action came as Wall Street analysts expressed concern over the lingering impact from a recent security breach against OKTA.
Chevron (CVX) agreed to buy Hess (HES) on Monday in an all-stock deal valued at $53 billion, or $171 per share. The deal sent Chevron stock down about 3% while Hess shares were just below the flat line.
Alphabet (GOOGL) and Meta (META) were both higher as anticipation built into big tech earnings. Meta shares were up more than 2% while Alphabet was up nearly 1.5%. Analysts will be closely watching for artificial intelligence updates from either company during earnings calls later this week.
Apple’s “Killers of the Flower Moon” (AAPL) represents a strategy shift in film for the tech giant as it more heavily leans on theatrical exclusive titles to drive subscribers to its flagship streaming service Apple TV+.
The company, which has pledged to spend $1 billion producing movies for theaters, has taken advantage of the box office’s post-pandemic bounce back amid a turbulent time in the industry with the actors’ union, SAG-AFTRA, still on strike.
“This certainly signals a transition period for [Apple] in terms of how they’re going to approach content, especially with big prestigious productions and A-plus list talent like Leonardo DiCaprio and Marin Scorsese,” Shawn Robbins, chief analyst at Box Office Pro, told Yahoo Finance.
The film, which was distributed by Paramount (PARA), notched $44 million in its global debut this past weekend — a lukewarm opening considering its estimated $200 million-plus price target but still a notable feat due to its long run time, coupled with the strike.
“Apple sees the potential for a film like this, and for other films, to perform well with an exclusive theatrical window,” Robbins said. “Studios have certainly remembered how valuable that theatrical window is — and that includes new players like Apple.”
Apple’s $1 billion theatrical bet, which will also include upcoming titles like Matthew Vaughn’s “Argylle,” and Ridley Scott’s “Napoleon,” matches rival Amazon (AMZN), who formulated similar plans to invest in box office releases last year.
Amazon closed its $8.5 billion deal to acquire MGM in March 2022 and saw big success with the release of “Creed III” earlier this spring.
“Both companies recognize this is a big part of where their bottom lines can lean on in terms of theatrical representation, and eventually, that’s going to help their streaming libraries down the road. So it’s a win-win to be able to embrace both sides,” Robbins said.
After rising yields pushed stocks lower to start the week, sentiment has shifted throughout the day with yields now lower and stocks rising.
The Dow Jones Industrial Average (^DJI) is barely in the green while the S&P 500 (^GSPC) is up 0.4% and the Nasdaq Composite (^IXIC) has risen almost 1%.
It’s Monday morning. And for stocks in 2023, that’s been a great thing even amid a recent slump for equities.
Entering today’s trading day, stocks have risen on 15 straight Mondays. That’s the longest streak since at least 1952, per analysis from Bespoke Investment Group.
Bespoke also points out that the streak has been significant for stock market gains year-to-date. The S&P 500 is up just above 10% this year. But when removing Mondays, the index would actually be negative.
“The “Magnificent Seven” have gotten all the credit for carrying the market this year, but “Magnificent Mondays” have been just as important,” Bespoke’s team wrote on Monday.
The United Auto Workers extended their strike against the Big Three Detroit automakers on Monday. The union initiated a walkout of about 6,800 workers at the Stellantis’ Sterling Heights Assembly Plant in suburban Detroit.
“Despite having the highest revenue, the highest profits (North American and global), the highest profit margins, and the most cash in reserve, Stellantis lags behind both Ford and General Motors in addressing the demands of their UAW workforce,” UAW wrote in a release on Monday. “Currently, Stellantis has the worst proposal on the table regarding wage progression, temporary worker pay and conversion to full-time, cost-of-living adjustments (COLA), and more.”
Shares of Stellantis (STLA) were up about 1% in morning trade.
A rise in bond yields is once again weighing on stocks on Monday morning.
The ‘pain trade’ in bonds has been closely tracked over the last month as a rise in yields has frequently brought selling in equities. Truist Co-Chief investment officer Keith Lerner believes there could be a light at the end of the tunnel for investors, though.
“For equities to have a sustainable rally, interest rates likely need to stabilize,” Lerner wrote in a new note on Monday. “And while calling a top in yields, which have had so much
upward momentum, has been a fool’s errand to say the least, our best estimate is that buyers for the 10-year U.S. Treasury yield will step in more aggressively as we approach the 2006/2007 highs near 5.25% (+/- 0.25%).”
The 10-year yield (^TNX) has retreated rather quickly both times it’s passed 5% in recent days.
Stocks fell after the opening bell as yields pressed to new 16-year highs early Monday morning.
The Dow Jones Industrial Average (^DJI) S&P 500 (^GSPC) and the Nasdaq Composite (^IXIC) all fell about 0.5% at the market open on Monday.
The 10-year yield (^TNX) was last up over 4 basis points at 4.97%, near its highest level since 2007. The yield on 30-year (^TYX) Treasury also rose to 5.13%.
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