The Dow Jones Industrial Average slipped Monday and the 10-year Treasury yield popped to its highest level since October 2007.
Wall Street is also contending with rising bond yields, with the 10-year Treasury yield topping 4.7% at one point Monday — its highest level since October 2007.Investors are hoping to turn the page on a disappointing September for stocks. All three major indexes closed the month and the third quarter lower. The S&P 500 alone lost nearly 5% in September.
"Investors expect a solid upcoming earnings season, but we believe expectations are too optimistic for the balance of 2023 and 2024," said Richard Saperstein, chief investment officer at Treasury Partners."The most immediate risk to stocks is if companies are meaningfully affected by the economic slowing that is occurring from higher interest rates, which is a prominent risk that the market is ignoring right now," he added.
In a streak noted in an intraday report by BTIG chief market technician Jonathan Krinsky, the last time the Nasdaq-100 failed to advance on the first day of the week was back on June 26. The string of gains even includes Labor Day weekend, when the first day of trading was Tuesday, Sept. 5, and the week of the 4th of July, when Independence Day fell on a Tuesday and interrupted trading.
Municipal bonds typically pull back in September and October, but they could see a pop as the year winds down, Wells Fargo Investment Institute found.
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