The 10-year Treasury note bounced above 4% for the first time since August
Stock futures are lower Monday, set to kick off the new week on a sour note after red-hot jobs data helped Wall Street secure its fourth-straight week of gains. Oil prices, which just had their best week since March 2023, and rising Treasury yields are weighing on U.S. markets today, with the benchmark 10-year note rising above 4% for the first time since August. Futures tied to the Dow Jones Industrial Average (DJI) are down triple digits, while S&P 500 Index (SPX) and Nasdaq-100 Index (NDX) futures also trade below fair market value.
Continue reading for more on today's market, including:
- ETFs to target this quarter.
- Why this cloud stock could keep moving higher.
- Plus, a potential lithium company's buyout; and two analyst notes to parse.
5 Things You Need to Know Today
- The Cboe Options Exchange (CBOE) saw more than 1.9 million call contracts and 913,137 put contracts exchanged on Friday. The single-session equity put/call ratio fell to 0.48 and the 21-day moving average remained at 0.64.
- Arcadium Lithium PLC (NYSE:ALTM) stock is 30% higher before the open, after already gaining 25.7% over the last month. This surge follows news that mining giant Rio Tinto (RIO) is interested in buying the lithium producer, which boasts a $3.31 billion market capitalization.
- Shares of chemical company DuPont de Nemours Inc (NYSE:DD) are 2% lower premarket, after a bear note from Barclays. The analysts downgraded DD to "underweight" from "equal weight" and lowered its price target to $84 from $88, saying the next few quarters "offer more uncertainty and limited buyback support against full valuation, driving underperformance." This comes as the stock sports a 13.8% year-to-date gain.
- Apple Inc (NASDAQ:AAPL) stock is 1.1% lower before the bell after it was downgraded. Jefferies lowered its rating on the iPhone maker to "hold" from "buy," but raised its price target to $212.92 from $205, and said that expectations for the company's iPhone 16 and iPhone 17 were more elevated than they should have been. Year over year, AAPL is up 29.7%.
- Everything that is on tap this week.
South Korea Readies for Interest Rate Move
Asian markets moved higher today, led by Japan’s Nikkei with a 1.8% pop. Hong Kong’s Hang Seng and the South Korean Kospi both added 1.6%, ahead of this week’s interest rate decision from the Bank of Korea (BoK). Elsewhere, Nintendo jumped 4.4%, after news that Saudi Arabia’s Public Investment Fund (PIF) is considering raising its stake, while China’s Shanghai Composite remained closed for the Golden Week holiday.
Over in Europe, London’s FTSE 100 is up 0.4% at last glance, after U.K.’s Halifax House Price Index showed September housing prices rose at the fastest annual pace since November 2022. The French CAC 40 was last seen up 0.2%, while the German DAX is down 0.2%. In other data, euro zone retail sales rose 0.2% in August from the previous month.