The 10-year Treasury yield is moving back toward 16-year highs
Futures on the Dow Jones Industrial Average (DJIA) took a turn for the worse this morning, erasing a modest lead to drop triple digits, after the U.S. economy added a much higher-than-expected 336,000 jobs in September. The update, which causes investors concern regarding the Federal Reserve's interest rate policy, pushed the 10-year Treasury yield back toward a 16-year high, and pressured futures on the Nasdaq-100 Index (NDX) and S&P 500 Index (SPX) lower as well.
Continue reading for more on today's market, including:
- Bears respond to Lucid's cheaper electric sedan.
- Beverage stock plummets despite beat-and-raise.
- Plus, FDA zings tech stock; Levi slashes full-year-forecast; and Tesla cuts prices.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw over 840,604 call contracts and 721,978 put contracts exchanged on Thursday. The single-session equity put/call ratio fell to 0.86 and the 21-day moving average stayed at 0.67.
- Koninklijke Philips NV (NYSE:PHG) is down 8.9% in premarket trading, after the U.S. Food and Drug Administration (FDA) said the company should conduct further risk testing on its sleep apnea and respiratory devices, which had a massive recall. PHG is still up 31.5% in 2023.
- Apparel name Levi Strauss & Co (NYSE:LEVI) is down 1.2% ahead of the open, following a mixed fiscal third-quarter report. Revenue missed analysts' estimates, driving the company to slash its full-year forecast. LEVI already carries a 20.3% year-over-year deficit.
- Tesla Inc (NASDAQ:TSLA) is trying to amend a lackluster third-quarter vehicle production and deliveries update. The electric vehicle giant slashed U.S. prices of both its Model 3 and Model Y vehicles after coming short of expectations. TSLA is down 1.6% before the bell, but boasts a 111.1% lead this year.
- The unemployment rate, hourly wages, and consumer credit data are also on tap today.
European Markets on the Rise
Asian markets finished mixed on Friday, as investors awaited the U.S. jobs report. Japan’s Nikkei dropped 0.3%, while Hong Kong’s Hang Seng rose 1.6%, and the South Korean Kospi added 0.2%. China’s Shanghai Composite remained closed for the Golden Week holiday.
European bourses are moving higher across the board, with the German DAX up 0.8%, after the country’s industrial orders rose a higher-than-expected 3.9% in August. The French CAC 40 is 0.8% higher as well, while London’s FTSE 100 sports a 0.4% midday lead.