After last week’s stumble stocks continued to drop for a fourth consecutive day. US bond yields rose to a fresh two-year high as many brace themselves for the Federal Reserve’s imminent stimulus taper. It was reported that unemployment has risen in most states as fewer jobs were added in July. Trouble in both the Italian and Indian economies also weighed on the markets today. In corporate news, many tech stocks including Intel (INTC), Apple (AAPL) and Facebook (FB) rose on rating upgrades and performance. Cliffs Natural Resources (CLF) was the S&P’s biggest decliner on Monday and extended its loss from Friday by another 5%. The dollar had a mixed day of trading and the Indian rupee fell to an all-time low against the US currency.
Word on the Street
- Will the US decide to freeze its economic aid to Egypt?
- Tech stocks led by Facebook (FB) and others dominate on Monday.
- Treasury yields hit two-year highs as government debt continues to slide.
- Barnes & Noble (BKS) cuts Nook price but future remains uncertain.
- Urban Outfitters (URBN) profit jumps 25% on higher sales.
- Apple (AAPL) Reclaims $500 on Icahn Remarks.