The Dow snapped its three-day win streak today with a triple-digit loss. Stocks were firmly in the red all morning, as the 10-year Treasury yield jumped to its highest level since January 2020. A late-afternoon surge had the blue-chip index momentarily eyeing positive territory, but weakness from Apple (AAPL) and Microsoft (MSFT) proved too much to overcome.
The S&P 500 and Nasdaq briefly dipped into the black as part of that late push, but ultimately finished lower amid tech sector underperformance. Upbeat consumer confidence data tried to keep broad-market losses in check though, with March data surging to 109.7 -- its highest reading in a year and far surpassing the predicted reading of 96.8.
The Dow Jones Industrial Average (DJI - 33,066.96) fell 104.4 points today, or 0.3% for the day. Goldman Sachs (GS) topped the small list of Dow winners with a 1.9% rise, while Amgen (AMGN) paced the list of laggards with a 2% fall.
Meanwhile, the S&P 500 Index (SPX - 3,971.09) lost 12.5 points, or 0.3% for the day. The Nasdaq Composite (IXIC - 13,059.65) shed 14.3 points, or 0.1% for the day.
Lastly, the Cboe Volatility Index (VIX - 19.61) fell 1.1 points, or 5.5%, today.
OIL FALLS, INVESTORS SHIFT FOCUS TO UPCOMING OPEC+ MEETING
Oil prices fell today after the Suez Canal reopened following days of blockage by a grounded supercarrier. Meanwhile, investors shifted their focus to this week's Organization of the Petroleum Exporting Countries and their allies (OPEC+) meeting, which will focus on the extension of supply curbs amid renewed lockdown measures. In response, May-dated crude shed $1.01, or 1.6%, to settle at $60.55 per barrel.
Gold prices fell once more, now down to three-week lows as the dollar continues to get stronger and Treasury yields rise. Meanwhile, the yellow metal's appeal was dampened by hopes for a faster economic recovery. As a result, April-dated gold shed $28.30, or 1.7%, to settle at $1,683.90 an ounce.
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