Stocks started the week with big losses across the board as a three-year high on the benchmark U.S. interest rate renewed investor fears of a slowing economy.
 | MON, APR 11, 2022 | | | |
| DOW | | NAME | LAST | CHG | %CHG | | AAPL | 165.75 | -4.34 | -2.55% | | MSFT | 285.26 | -11.71 | -3.94% | | VZ | 53.90 | +0.37 | +0.69% | |
| | S&P 500 | | NAME | LAST | CHG | %CHG | | T | 19.63 | +1.36 | +7.46% | | TWTR | 47.01 | +0.78 | +1.69% | | AMD | 97.37 | -3.63 | -3.59% | |
| | NASDAQ | | NAME | LAST | CHG | %CHG | | AMD | 97.37 | -3.63 | -3.59% | | AAPL | 165.75 | -4.34 | -2.55% | | NVDA | 219.17 | -12.02 | -5.20% | |
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Stocks started the week with big losses across the board as a three-year high on the benchmark U.S. interest rate renewed investor fears of a slowing economy. The 10-year Treasury yield topped 2.79%, its highest point since January 2019. The Dow Jones Industrial Average lost 413 points, or 1.2%. The tech-heavy Nasdaq Composite dropped 2.2% as investors pivoted away from growth stocks. The S&P 500 slipped 1.7%, extending declines from last week. "If we were to stack up what's moving the markets today, I think we're just mirroring what we're seeing in the Treasury yield environment," said Art Hogan, chief market strategist at National Securities. "And it's hard to know what's going to break that cycle except for a couple of days/weeks where rates either stabilize or are starting to pull back a bit." |
Interest rates could continue to surge this week, as investors look ahead to the consumer price index report on Tuesday. Economists surveyed by Dow Jones expect the key indicator to report a 8.4% jump in prices in March. Higher inflation and rates could continue to hurt tech stocks, which investors are dropping in favor of more stable assets. On Monday, Microsoft declined 3.9%. Semiconductor stocks such as Nvidia and Advanced Micro Devices fell 5.2% and 3.6%, respectively. At least one corner of the markets could be immune from current struggles. Airline stocks popped during the Monday session, buoyed by a burst in travel demand. Delta Air Lines spiked 4%. Alaska Air Group was up 1%, American Airlines Group jumped 2.3%, and United Airlines Holdings jumped 1.1%. |
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