Stock Market Sinks As Bond Yields Spike; Vertex, KLA, MMYT In Focus | Stock Market Today | Summary and Q&A

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October 12, 2023
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Investor's Business Daily
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Stock Market Sinks As Bond Yields Spike; Vertex, KLA, MMYT In Focus | Stock Market Today

TL;DR

Stock market experienced losses across the board, with small caps being hit the hardest, as bond yields rose due to poor demand at a Treasury bond auction.

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Questions & Answers

Q: What caused the losses in the stock market?

The losses were primarily driven by rising bond yields, which resulted from a lack of demand at a 30-year bond auction held by the Treasury.

Q: Why were small caps hit the hardest?

Small caps are more vulnerable to a higher interest rate environment, and the decline was mainly seen in healthcare and biotech stocks within the Russell 2000 index.

Q: How did the major indexes perform?

The NASDAQ and S&P 500 were down 0.6% and the Dow was down 0.5%, while the Russell 2000 declined by 2.2%.

Q: Is the stock market still in an uptrend?

The stock market remains in a confirmed uptrend, but caution is advised as several challenges, including breaking above the 50-day moving average, lie ahead.

Summary & Key Takeaways

  • Losses were seen in the NASDAQ, S&P 500, and Dow, with small caps (Russell 2000) experiencing the biggest decline of 2.2%.

  • The NASDAQ broke its four-day winning streak and struggled to hold above the 50-day moving average due to increased volume and distribution.

  • Rising bond yields, triggered by a poorly received 30-year bond auction, had a negative impact on the stock market.

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