Stock Market Midday, Sept. 18: Stocks Slip, Crypto Gains
In this news:
As of 11:44 AM ET, the S&P 500 (^GSPC -0.23%) is down 0.19% to 7,623, the Nasdaq Composite (^IXIC -0.17%) has slipped 0.13% to 26,384, and the Dow Jones Industrial Average (^DJI -0.43%) is trading 0.42% lower at 51,561 as indexes retreated.
Gold is trading at $4,354.92, up 0.33%, while the 10-Year Treasury yield is up 5 basis points to 5.00%. Most sectors were trading flat or falling, with only utilities showing growth. Industrials and basic material stocks were the bottom performers this morning.
Today's biggest moves
Netflix slipped almost 5% after Wells Fargo downgraded the stock and highlighted declining viewership. Space Exploration Technologies fell after the firm pushed its next Starship rocket launch to Sept. 28 rather than Sept. 22. Nuclear stocks, such as NuScale Power, gave back yesterday's gains.
What this means for investors
After an eventful week, it looks like the S&P 500 may finish the week in negative territory. U.S. Treasury yields rose again as traders consider the growing probability of a second rate hike in October. Artificial intelligence (AI) safety remains on investor radars, with Nvidia's weekly performance muted.
Crypto stocks gained this morning, with Coinbase Global up over 10% as investors looked past the legislative setback after the long-awaited Clarity Act didn't get the votes it needed to advance in the Senate. It looks like this, as well as the Fed rate hikes, were already priced in -- Bitcoin reclaimed the $80,000 mark this morning.
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