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In a First, the E.P.A. Warns of ‘Forever Chemicals' in Sludge Fertilizer The New York Times‘Forever chemicals' in sludge used to fertilize farms can pose a health risk to people, EPA says CNNChemicals in sewage sludge fertilizer pose cancer risk, EPA says The Associated PressEPA warns of forever chemicals in sewage sludge used on farmland Chicago Tribune
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Meta CEO Mark Zuckerberg says the company will be cutting low-performers 'faster' as a way to 'raise the bar' Business InsiderMeta announces 5% cuts in preparation for 'intense year.' Read the internal memo CNBCMeta to cut 5% of staff based on performance AxiosMeta Is Planning to Cut 5% of Lowest Performers, Memo Shows Bloomberg
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Warner Music, Sony Music, BMG Cancel Grammy Week Events Due to Los Angeles Wildfires VarietyRed Cross helping in southern California as thousands face unimaginable loss American Red CrossCelebrities, athletes, executives donate millions to California fire-relief efforts The Guardian USGrammys telecast to cont
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Eli Lilly Cuts Q4 Revenue Guidance, Expects Around $5.5 Billion Sales From Weight Loss/Diabetes Drugs, Stock Tanks Yahoo FinanceEli Lilly shares drop as drugmaker cuts revenue guidance on weight loss drug demand CNBCEli Lilly forecasts weaker Q4 sales of weight-loss drug, Mounjaro than expected Yahoo FinanceEli Lilly's stock falls
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Selling in the stock market picked right back up Monday, and despite a brief mid-morning push into positive territory, the major indexes still ended lower.
"Despite a quiet global economic data front, this weekend and Monday morning have been anything but quiet as global yields are surging to record highs," said Stefanos Bazinas, execution strategist at the New York Stock Exchange. Indeed, both the 2-year Treasury yield ( 10.5 basis points to 4.319%) and the 10-year Treasury yield ( 20.3 basis points to 3.90%) continued to climb, hitting levels not seen in over a decade.
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And this, Bazinas says, comes after the U.K. last week announced the biggest tax cuts in more than 50 years and indicated more were to come. This sent the British pound to an all-time low against the U.S. dollar earlier today. The dollar, for its part, hit its highest level since early 2002.
Most sectors finished lower, led by sharp losses for real estate (-2.7%) and utility (-2.4%) stocks. And while consumer discretionary (-0.2%) also ended in the red, its loss wasn't nearly as deep thanks to strength in Las Vegas Sands (LVS, 11.8%) and Wynn Resorts (WYNN, 12.0%). The casino stocks rallied after Macau, a huge destination for Asian gambling, said it is planning on relaxing COVID-related travel restrictions as soon as November.
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