Stock Market Today: Stocks Start the Week With Sharp Losses – Kiplinger’s Personal Finance

The market began the week just as it ended the last one, with interest rates rising and tech shares selling off.

Indeed, rates rose for a seventh straight day to hit levels not seen in some time. The yield on the 10-year Treasury note spiked 5.7 basis points Monday (a basis point is one-one hundredth of a percentage point) to a three-year high of 2.77%. 

Predictably, the technology sector was one of the worst-performing sectors, sinking 2.5%. 

But it was the energy sector (-3.0%) that led the market lower, hurt by a drop in oil prices. U.S. crude oil futures shed 4% to settle at $94.29 per barrel amid fear that extended COVID-19-related shutdowns in China will sap global energy demand.

Sign up for Kiplinger’s FREE Investing Weekly e-letter for stock, ETF and mutual fund recommendations, and other investing advice.

The Nasdaq Composite ended the day down 2.2% at 13,411, hurt by weakness in big-cap tech stocks like Microsoft (MSFT, -3.9%) and Nvidia (NVDA, -5.2%). The broader S&P 500 Index (-1.7% at 4,412) and blue-chip Dow Jones Industrial Average (-1.2% at 34,308) likewise finished the session in the red.

As a reminder, it’s a short week for traders and investors. The stock market will be closed on April 15 for Good Friday.

Other news in the stock market today:

  • The small-cap Russell 2000 gave back 0.7% to 1,980.
  • Gold futures gained 0.1% to settle at $1,948.20 an ounce.
  • Bitcoin plunged 6.4% to $40,034.52. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.)
  • Twitter (TWTR) stock was down more than 3% at its session low following news that Tesla (TSLA) CEO – and new TWTR stakeholder – Elon Musk would not be joining the social media firm’s board of directors, as reported late last week. “Musk’s decision to not join the board of Twitter is the culmination of a week of bizarre behavior and is simply a distraction from the many operational woes facing Tesla,” says David Trainer, CEO of investment research firm New Constructs. “The Musk bump in Twitter shares is likely to fade as investors realize the only value Musk brought was publicity – not all of it good. Although Twitter remains a popular platform, it has its own problems and suggestions like removing a letter from its name can do more harm than good.” TWTR was able to shake off its earlier weakness and end the day up 1.7%.
  • AT&T (T) jumped 7.7% after the telecommunications firm’s WarnerMedia unit on Friday officially completed its merger …….


Leave a Reply

Your email address will not be published.