- 10-year Treasury yield hits 16-year high near 4.75%. 20-year yield takes out 5% as I have been saying it would since 3.75%. I have been predicting this piece of paper would cross the fed funds rate as the de-inversion process in the bond market continues. It’s almost there. The central bank’s current interest rate target range is 5.25% to 5.5%.
- Bond prices, which move inversely to yields, continue to crumble. Yields up often means stocks down and that’s where we’re headed at the open for the Dow, the S&P 500 and the Nasdaq. Despite a three-session decline, oil just jumped more than 28% in the third quarter. And, the dollar index has been riding an 11-week winning streak.
- With bond yields, oil and the dollar rising all at once this year, we explored how each of these headwinds impacts stocks. Will utilities, which kind of act like bonds with high dividend yields, continue to give up the ghost on price? By far been the worst-performing sector in the S&P 500 this year, down more than 20%. Will the consumer products take out the October lows?
- Macy’s outgoing CEO Jeff Gennette and incoming chief Tony Spring on “Mad Money” on Tuesday evening. Macy’s (M) has an annual dividend yield of 5.7%. Now, it’s all about refinancing. Spring brings his experience running the company’s high-end Bloomingdale’s chain to the top job.
- KeyBanc raises price target on Club name Nvidia (NVDA) to $750 per share from $670. Keeps overweight (buy) rating. I love Nvidia but the analysts are being too aggressive.
- JPMorgan says buy Amazon (AMZN) into weakness. AWS cloud unit is accelerating. Piper cuts price target on Alphabet‘s (GOOGL). Microsoft (MSFT) gets with Domino’s Pizza (DPZ) to work on AI-driven ordering and store operations. Separately, all three Club names are fighting with the government. We explored how they are pushing back against antitrust allegations.
- Wells Fargo raises the stakes ahead of Thursday’s after-the-bell earnings from Mexican beer powerhouse Constellation Brands (STZ). Raising price target on the stock to $285 per share from $280. Wedbush goes to $300 on STZ. Both firms keep their buy-equivalent ratings.
- Club name Apple (AAPL) starts requiring new apps to show proof of a Chinese government licence before release on its China App Store. Reuters says it began last Friday. Meanwhile, BofA says App Store revenue grew nearly 9% in Apple’s fiscal fourth quarter.
- The Wall Street Journal is reporting that Club holding Meta Platforms (META) is floating an ad-free version of Instagram and Facebook in Europe. The proposal is meant to appease EU regulators.
- New layoffs at General Motors (GM) and Club name Ford (F) as the UAW just expanded its strike against them. The Wall Street Journal says more than 6,000 workers the Detroit’s Big 3 automakers, including Chrysler-parent Stellantis (STLA), are laid off due to the walkouts.
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