Stock Market Today: Dow closes lower as rising yields keep stocks in quagmire -- The Dow closed lower Wednesday as rising Treasury yields continued to put the squeeze on stocks, though tech cut some losses to provide a semblance on optimism.    

The Dow Jones Industrial Average fell 0.2%, 68 points, Nasdaq gained 0.2%, and the S&P 500 rose 0.1%.

Treasury yields resume advance following upbeat economic data

Treasury yields continue to hold sway on market direction after the 10-Year Treasury yield swelled to 4.63%, marking fresh 15-high year high.

The dash higher in yields come amid fresh concerns the Federal Reserve may be forced to hike interest rates again later this year as signs of a resilient economy threaten to keep inflation elevated.

The Commerce Department said on Wednesday core durable goods orders rose 0.5% last month, well above expectations for a 0.1% rise. Non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, rose 0.9 % last month, compared with expectations to remain steady at 0%

Big tech cuts some losses; Meta unveils Quest 3 VR headset

Apple (NASDAQ:AAPL) cut some losses to close 0.9%, as big tech attempted a comeback that was ultimately curbed by rising rates.

Alphabet (NASDAQ:GOOGL), however, remained above the flatline to close more than 1% higher.  Meta Platforms Inc (NASDAQ:META) closed less than 1% lower after unveiling its third Quest 3 virtual reality headset.

The VR device starts at $499 and is expected to hit the shelves on Oct. 10 

Cannabis stocks give up gains despite banking bill progress

Cannabis stocks were caught up in the broader market slide and gave up intraday gains despite optimism that cannabis-related companies are inching closer to securing the right to access banking system services.

The U.S. Senate Banking Committee voted to advance the Secure and Fair -- Enforcement Regulation Banking Act, or the SAFER Banking Act, which seeks to ensure that all legal cannabis have access to the banking system – to the Senate floor.

Cannabis, which is legal for recreational or medical use in 39 states, remains banned under federal law, preventing marijuana companies from access to banking services needed to boost finances.

Tilray (NASDAQ:TLRY) Cronos Group Inc (NASDAQ:CRON), and SNDL Inc (NASDAQ:SNDL), gave up gains, with the latter down 1% on the day.

Costco rises on Q4 earnings beat

Costco Wholesale (NASDAQ:COST) rose nearly 2% after reporting fiscal fourth-quarter results that beat on both the top and bottom lines as margins improved.

The earnings beat comes despite the higher inflation-and rate-led squeeze on the consumer, with analysts confident that the big box retailer can maintain its momentum.

“We see several potential positive catalysts in place, with a membership fee increase likely to occur during FY’24 and the potential existing for a special dividend,” UBS said in a note.

Energy shines as oil prices eye $100 a barrel 

Energy stocks, up 2.5% on the day, helped to keep broader market losses in check, supported by surge in oil prices following data showing a larger-than-expected draw in weekly U.S. crude stockpiles. 

Marathon Oil Corporation (NYSE:MRO), Devon Energy Corporation (NYSE:DVN), and Occidental Petroleum Corporation (NYSE:OXY) were among the biggest gainers.

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