US stocks slid on Monday after a strong session the previous day, as higher oil prices and interest rates dampened sentiment.
The Dow Jones Industrial Average fell 441 points or 1%. Meanwhile, the S&P 500 dropped 1% and the Nasdaq Composite declined 1.1%.
The yield on the 10-year Treasury note rose nearly 5 basis points, to 4,028%. This is its first increase above 4% in August.
Oil prices surged amid ongoing tensions in Middle East, pushing US crude oil up by 3.5% to more than $77 a barrel.
The stock market had a volatile week, with modest gains.
The Dow rose 0.1% and the Nasdaq Composite by 0.1%.
Scholar Rock increases by 300%
Scholar Rock Holding Corp shares jumped over 300% Monday after the biotech clinical stage company announced that a late-stage study of a treatment of spinal muscular atrophy had met its primary target.
According to Market Watch, the phase three trial showed that the experimental drug significantly improved motor function, as measured by the Hammersmith Functional Motor Scale Expanded (HFMSE), the gold standard for the disorder. This was compared with placebo.
This could be the biggest increase in Scholar Rock stock ever on a single day.
Shares of companies that produce backup power surged Monday, as Hurricane Milton quickly strengthened to a Category 4.
Generac Holdings shares surged by nearly 9% on Monday, while NextEra Energy Inc. fell 2.7%.
The rally in energy stocks continues
US Energy stocks surged Monday as crude oil prices rose.
Crescent Energy shares rose 3% and Chevron Corporation shares nearly 1% on Monday.
Exxon Mobil Corporation also saw its stock rise 1% on Monday.
Hurricane Milton is a major insurance event
As Milton approached Florida, insurance stocks that are exposed to weather catastrophes fell Monday.
According to the US National Hurricane Center Hurricane Milton is expected to hit Florida on Friday.
Allstate Corp shares fell by more than 4% while Travelers Companies Inc shares declined by nearly 4%.
Chubb Ltd.’s shares also dropped 4% on Monday.
Universal Insurance’s share price fell by more than 26 percent as the carrier, which is prone to catastrophes and has exposure along the Gulf Coast, could face increased hurricane risks.
Apple’s stock is in the red after downgrade
News reports claim that Apple shares fell Monday after Jefferies downgraded its stock. The firm argued that iPhone sales were expected to be too high.
Yahoo Finance reported that the bank lowered Apple’s rating from “buy” to “hold”, but raised its target price to $212.92, up from $205.00.
Apple Inc shares fell by more than 1% Monday.
Brent prices surpass $80/barrel for the first time since August
Brent crude oil prices rose on Monday, as geopolitical tensions erupted in the Middle East and raised concerns about the supply of the commodity or its origin.
Israel’s response to the attack on Iran last week is expected to be a targeted strike against its oil facilities, according to reports.
According to reports, the US will also support Israel’s attack.
Hezbollah, a group backed by Iran, fired rockets at Israel’s Haifa on Monday morning. This was a new escalation of tensions across the region.
Brent prices broke $80 per barrel on Monday for the first since August 30.
Prices are up more than 3%, continuing the gains made last week.
West Texas Intermediate crude prices rose by 3.4% to $76.93. This was their highest level in more than a month.
This post Dow Jones and S&P 500 fall amid rising crude prices; Scholar Rock jumps 3000%, Apple, insurance stocks dip first appeared on ICD
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