Investors aren't thrilled an interest rate hike appears to be imminent later this month
The stock market took a beating today, with the Dow logging its worst single-session decline since May 2. The S&P 500 and Nasdaq also finished sharply lower, as investors once more fell victim to Fed fatigue. The 2-year Treasury yield reached a 16-year peak, prompting CME's Fed Watch tool to predict a 95% chance of an interest rate hike at the central bank's meeting later this month. Elsewhere, the Cboe Volatility Index (VIX) finished above 15 for its highest close since June 1.
Continue reading for more on today's market, including:
- Technical trouble looms for this vaccine stock.
- How did the Threads rollout impact Meta stock?
- Plus, software stock to target; JetBlue ditches American; and PLUG stays down.
5 Things to Know Today
- The U.S. is trying to catch up on its offshore wind power. (New York Times)
- California took a big step forward with its clean truck partnerships. (Reuters)
- Buy the dip on this tech stock.
- Two airline giants in focus today.
- Bull note can't save Plug Power stock.
There are no earnings reports of note today.
Gold Sinks to March Lows
Crude managed to keep a tight grip on its two week highs following another drop in domestic supplies. August-dated oil rose just one cent, settling at $71.80 per barrel.
Gold dropped to its March lows as Treasury yields climbed and investors digested service and employment sector data. August-dated gold shed $11.70, or 0.6%, to close at $1,915.40 an ounce.