As Treasury yields continue to rise, with the 2-year yield at 4.879% and the 10-year yield at 5.234%, stocks are feeling the strain. Notably, shares of SpaceX have dropped 34% from their June peak, while Tesla and Nvidia have also seen significant declines of 30% and 4%, respectively.
Alphabet's stock is down 16.5% since May, and Meta Platforms has experienced a 5% decrease from its latest high, despite a 29% increase in September. Jim Cramer highlighted Goldman Sachs as a stock to watch, noting a 300% increase since CEO David Solomon took over, although it is currently down 20% from its June high.
The upcoming ADP private payrolls report and personal consumption expenditures price index are anticipated to provide further insight into economic conditions, with expectations of a month-to-month inflation increase of 0.3% and a year-over-year estimate of 3.7%. Additionally, Cal-Maine Foods and Conagra are set to report earnings, with Cal-Maine's stock down 30% over the past year.
Micron is also scheduled to report after the bell, having seen a 15% decline since late June