The 10-year Treasury yield hit a 16-year high today
Wall Street's August drawdown continued another day, with the Dow logging its fifth drop in the last six sessions. The S&P 500 traded on both sides of the aisle throughout the session but ultimately finished lower, as trading buzz simmers from S&P Global's credit rating cut on the banking industry. An upbeat tech sector helped the Nasdaq eke out a win, while retail earnings send Treasury yields toward 16-year highs.
Continue reading for more on today's market, including:
- Biotech stock breaks through key level.
- 2 retail stocks in a post-earnings slump.
- Plus, an EV stock to watch; HD rival pops; and a Nvidia earnings preview.
5 Things to Know Today
- Houses were sold at their slowest pace since 2010 for the month of July. (CNBC)
- The BRICS Summit kicks off in Johannesburg today. (Reuters)
- EV stock lands on 'Best Ideas' list.
- Profit beat sends Home Depot rival higher.
- Nvidia stock hits pre-earnings peak.
Crude Wavers on China Demand Outlook
Crude prices struggled ,as China demand weighs on the commodity's outlook. September-dated oil fell 37 cents, or 0.5%, to settle at $80.35 per barrel.
The precious safe-haven metal is enjoying its longest win streak in over a month, following a consistent rise in Treasury yields and a weakened dollar. December-dated gold added $3, or roughly 0.2%, to settle at $1,926 an ounce.