Key Takeaways
- U.S. equities began October mixed at midday on Oct. 2, 2023, as Congress avoided a government shutdown but bond yields rose amid concerns about more Fed rate hikes.
- Discover Financial Services shares jumped after the credit card provider said it reached a consent agreement with the FDIC.
- Gold prices sank, sending shares of Newmont Corporation and other gold miners lower.
U.S. equities began the new month mixed at midday after a last-minute deal was reached in Washington avoiding a government shutdown but bond yields rose amid concerns about more Fed interest rate hikes. The S&P 500 and Dow fell, while the Nasdaq was higher.
Discover Financial Services (DFS) shares jumped after the credit card provider said it had reached a consent agreement with the FDIC over accusations the company incorrectly classified certain credit card accounts.
Shares of Insulet (PODD) also gained after an upgrade by Jefferies positing demand for Insulet’s diabetes drugs for weight loss wouldn’t hurt its insulin pump sales. Nvidia (NVDA) shares advanced as Goldman Sachs added the stock to its “conviction buy” list, citing rising demand for artificial intelligence (AI) chips.
Shares of Kellogg (K) sank as the iconic cereal and snacks maker officially divided into two separate companies. Danaher (DHR) shares dropped after the medical products maker announced it had completed the spin off of its environmental and applied solutions unit into Veralto Corporation (VLTO).
Shares of Newmont Corporation (NEM) fell as the price of gold tumbled to its lowest level since last November. Shares of rival gold miners dropped as well.
Oil futures dropped below $90 a barrel. The U.S. dollar rose versus the euro, pound, and yen. Most major cryptocurrencies traded higher.
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