Stock Market News Today: 10-Year Treasury Yield Retreats From 5%; Dow Closes Down - The Wall Street Journal

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Stock Market News, Oct. 23, 2023: Benchmark Treasury Yield Retreats From 5%; Dow Closes Lower

Several 'Magnificent Seven' tech giants set to post earnings this week

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Oct. 23, 2023 at 4:47 PM EDT

Stocks finished Monday mixed, with the Dow and S&P 500 lower, after the 10-year Treasury yield briefly jumped above 5%. Read the day's full markets roundup here.

The benchmark yield surged to 5.02% in early trading, reflecting bets by investors that interest rates will continue to stay elevated for longer, before retreating. The last time the 10-year yield traded above 5% was 2007.

A recent rise in yields was driven in part by comments from Federal Reserve Chair Jerome Powell, who said he didn’t see evidence that monetary policy was too tight. That reignited worries among investors that an interest-rate cut may not occur for a while.

Earnings season is revving up this week, but today is set to be a quiet day for results. On Tuesday, earnings are due from Big Tech firms Microsoft and Alphabet, among others.

According to FactSet, 73% of S&P 500 companies to report earnings so far have turned in better-than-expected results. That is below the five-year average of 77% for the same period.

As of Monday's close:

Stock indexes were mixed. After a back-and-forth morning, the Nasdaq Composite ended up 0.3%. The Dow and S&P 500 were lower, the latter dropping for a fifth straight session.

The 10-year Treasury yield settled at 4.836%, falling for a second straight session but still logging its fifth-highest settle of the year.

Chevron fell after it said it would buy Hess for $53 billion, the latest sign of consolidation in the oil industry. Here's the Heard on the Street take on the deal. U.S. crude lost nearly 3%, while energy stocks fell.

Apple clawed back early losses to edge higher. Foxconn, one of Apple's biggest suppliers, said it was cooperating with Chinese authorities after state media reported it was the subject of probes.

Moderna's post-Covid blues continued. The drugmaker fell for a ninth straight day, its such longest streak on record, amid waning demand for Covid boosters.

Morgan Stanley's stock fell. The bank's shares logged their lowest close since Feb. 2021.

— By Caitlin McCabe and David Uberti

Our new Sunday podcast, WSJ's Take On the Week, can help you prepare for what's ahead. Plus, get smarter about markets with our free weekday morning and evening newsletters.

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