Stock market today: Dow tumbles 400 points, tech leads Nasdaq, S&P 500 lower as 10-year yield tops 4%

Published On Oct 7, 2024, 4:08 PM

US stocks declined as the 10-year Treasury yield rose past 4% for the first time since August, prompting concerns ahead of key inflation data and the upcoming earnings season. The Dow Jones dropped about 400 points (0.9%), S&P 500 fell nearly 1%, and the Nasdaq lost 1.2%. The decline in stocks was exacerbated by a decision that may force Alphabet to increase competition in its Google Play app store, leading to a drop in shares for Alphabet, Amazon, and Microsoft. In contrast, Nvidia was one of the few winners among major tech stocks. Additionally, oil prices surged over 3.5% due to geopolitical tensions involving Israel and Iran, and Hurricane Milton reaching Category 5 status. Looking forward, investors are cautiously awaiting inflation data and the Federal Reserve's monetary policy decisions, especially following a strong jobs report that dampened hopes for significant rate cuts.