October 10, 2018

The markets plummeted today with the Dow posting its worst drop since March as a steep decline in tech shares and worries of rapidly rising rates shook investors. Rates rose higher today after the producer price index rose .2% in September and is up 2.8% on a year-over-year basis. The recent rise in rates comes ahead of the start of the latest earnings season with big banks set to report on Friday with an expectation for an overall increase of 19% in earnings. At the end of the day, the major indices were under pressure, closing in the red across the board:

DOW -831 at 25598
SP500 -94 at 2785
NASDAQ -315 at 7422

10 Year Treasury closed up 2 basis points to yield 3.2%
Oil prices closed -2.22 at 72.74 a barrel
Gold prices closed +4.80 at 1196.50 an ounce

In the days’ stock news:

  • Shares of Amazon led the decline in technology, declining over6%. Netflix slid over 8% while Facebook and Apple also fell more than 4% each.