Stock market today: Dow, S&P 500, Nasdaq slip as investors rethink rate cut bets, 10-year jumps past 4%
Published On Oct 7, 2024, 2:58 PM
US stocks fell as the 10-year Treasury yield rose past 4%, driven by a strong jobs report that diminished hopes for significant rate cuts from the Federal Reserve. Key tensions in the Middle East and a judge's ruling impacting Alphabet contributed to market unease. The upcoming inflation report and earnings season is drawing attention, with analysts anticipating varied outcomes for major companies. Specifically, sectors like energy may benefit from rising oil prices amid geopolitical tensions, while tech stocks, particularly Alphabet, faced downward pressure.
Stock Forecasts
CVX
Positive
With the anticipation of a continued rise in oil prices due to geopolitical tensions in the Middle East, companies in the energy sector, like Chevron, may see positive movement. Additionally, Super Micro Computer is experiencing a surge in demand for AI-related servers, signaling potential growth in that sector.
GOOG
Negative
Due to recent regulatory challenges and competition changes, Alphabet's stock is likely to experience further downward pressure as market sentiments may remain negative following the judge's ruling, which could open up their business to more competition.
PFE
Positive
Pfizer's stock is bouncing back after news of Starboard Value taking a significant stake, indicating potential for future growth. If Starboard's strategies resonate positively with investors, it could enhance Pfizer’s stock performance ahead of its earnings report.
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