Stock market today: Dow, S&P 500, Nasdaq slide as investors rethink rate cut bets, 10-year treasury jumps

Published On Oct 7, 2024, 2:58 PM

US stocks experienced a decline on Monday as yields on the 10-year Treasury exceeded 4% for the first time since August, impacting market sentiment ahead of key inflation data and earnings reports. Notable drops included a 2% dip in Alphabet's shares due to a court ruling requiring competition in its app store, while insurance stocks weakened due to the threat of Hurricane Milton. Oil prices rose significantly amid geopolitical tensions involving Iran. Additionally, economic outlooks shifted with lower expectations for Federal Reserve rate cuts in light of strong job reports. Upcoming consumer inflation data will be pivotal for monetary policy expectations.

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Stock Forecasts

GOOGLView GOOGL chart on TradingView

Negative

The recent court ruling against Alphabet, which mandates greater competition in its app store, may negatively impact its valuation and market share, leading to increased competition. Therefore, investors might consider a bearish outlook.

CVXView CVX chart on TradingView

Positive

Oil prices are trending upward due to geopolitical factors, particularly potential conflict in the Middle East. This suggests that companies tied to oil production, like Chevron, may benefit from higher prices.

SMCIView SMCI chart on TradingView

Positive

Super Micro Computer's seismic growth in AI server demand suggests strong future performance, particularly as it has solidified contracts with major clients and showcases rising sales in the AI sector.

PFEView PFE chart on TradingView

Positive

Pfizer may see a temporary boost from the news of Starboard Value's significant stake. If the activist investor pushes for strategic changes, this could lead to positive market momentum in the short term.

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