Stocks Hand Back Nearly 2 Days of Gains

Stocks Hand Back Nearly 2 Days of Gains

October 05,2022 10:24 am EST

U.S. stocks fell on Wednesday, giving back some of its sharp gains from the last two sessions as Treasury yield rose.

The Dow Jones Industrials descended 305.23 points, or 1%, from Tuesday''s lofty perches to 30,011.09.

The S&P 500 docked 52.66 points, or 1.4%, to 3,738.27.

The NASDAQ Composite dropped 206.51 points, or 1.9%, to 10,969.90.

Bionano Genomics saw its shares jump after the company published a study on using optical genome mapping to investigate liver cancer.

Goldman Sachs slid after Atlantic Equities downgraded both stocks due to the potential of declining investment banking volume.

General Motors shares dipped after Morgan Stanley lowered its price target on the stock.

Private payrolls increased by 208,000, ADP said in its latest report, topping a Dow Jones estimate. Traders are still looking ahead to Friday''s release of the nonfarm payrolls report.

The U.S. trade deficit fell slightly more than expected in August to its lowest level in more than a year, the Bureau of Economic Analysis reported Wednesday.

The trade shortfall declined to $67.4 billion, a $3.1 billion drop from the previous month that was a bit better than the Dow Jones estimate of $67.7 billion. That marked the lowest level since May 2021. In March 2022, the deficit had hit a record $106.9 billion.

Treasury prices moved sharply upward, lowering yields to 3.77% from Tuesday''s 3.64%. Treasury prices and yields move in opposite direction.

Oil prices dipped nine cents to $86.43 U.S. a barrel.

Gold prices faltered $13.10 to $1,717.40 U.S. an ounce.

Stocks Hand Back Nearly 2 Days of Gains

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