The markets were sharply lower today as interest rates took center stage once again. The Dow 30 was lower by 200, the S&P 500 closed lower by 23, and the Nasdaq 100 closed down on the day by 145 points.
Sector News
Interest rates were the main focus today as the 10 year note hit its highest point since 2011, getting above 3.2%. The sharp move sent investors into a bit of a panic. The rate rising is not the issue - it's the pace of the spike that has people concerned.
Banks were one bright spot today as investors looked at rising rates and the recent discount on bank stocks as an opportunity to buy a dip. The bank sector was able to get above the 200-day moving average on the day, but did close off highs.
Stock News
Constellation Brands (NYSE: STZ) shares were higher by over 4% today as the company announced earnings that were better than expected, along with a higher full-year outlook thanks to strong demand for its Corona beers over the summer. Shares moved to a three-month high on the news.
Barnes & Noble (NYSE: BKS) shares were higher by over 20% today as the company announced it was looking into possible bids for the company and reviewing their options. Analysts were quick to point out that the company's low valuation could mean more upside for the stock.
Eli Lilly (NYSE: LLY) shares popped to new highs as the company said that their trial of a diabetes drug showed "clinically meaningful blood sugar reduction and weight loss" in people with type 2 diabetes. Shares have been steadily climbing higher since April and now boast a gain of about 30% on the year.
Popular pot stock Tilray, Inc. (NASDAQ: TLRY) announced today that it will look to raise $400 million in a debt sale. The company will offer convertible senior notes payable in 2023 in an effort to fund the company's daily operations. They will also be paying off a $9.1 million mortgage. The notes will be offered only in Canada. Shares sold off on the news.