A lift in crude prices and the 10-year Treasury yield pushed stocks lower Monday. The Dow was dragged almost 400 points, while the S&P 500 and Nasdaq suffered more modest pullbacks. The yield surged more than 4 basis points to move back above 4%, or their highest mark since August. This comes after last week’s upbeat jobs data and precedes a highly-anticipated earning season. Wall Street’s “fear gauge,” meanwhile, climbed back above the key 20 level.
OIL’S SURGE CONTINUES
Ongoing escalations in the Middle East combined with today’s creeping fears of a second large hurricane building in the south. November-dated West Texas Intermediate (WTI) crude rose $2.76, or 3.7%, to settle at $77.14 per barrel for the day.Pared Fed expectations and a strong greenback pushed gold lower on the day. Gold for December delivery fell $5.20, or 0.2% to trade at $2,662.70, at last glance.More By This Author:Stocks Stumble as “Fear Gauge” Reclaims 20Oil Posts Best Week Since March 2023Stocks Choppy Despite ‘Soft Landing’ Signals
