Market Update – October 5, 2023
U.S. stock markets declined on Thursday, with the Nasdaq Composite falling 0.8% and the Dow Jones Industrial Average dropping 0.6%. The S&P 500 experienced a 0.5% decrease. The declines were influenced by rising Treasury yields, with the 30-year yield reaching 5.446%, the highest since June 2004, while the 10-year yield matched a high from July 2007 at 5.15%.
Additionally, the U.S. and China extended their trade truce by two months, through January 10, 2024, which was shorter than expected. This comes amid concerns regarding global oil supplies, driven by rising crude prices and tensions in the Red Sea region, exacerbated by a recent attack on a commercial ship.
Oracle’s stock plummeted over 5% after the company declared “force majeure” on a $165 billion data center project in New Mexico due to power supply issues, delaying its completion from August 2026 to February 2027. The market sentiment remains cautious as economic pressures mount and bond yields reach levels not seen in decades.
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