Enviva takes major hit to highlight Mobile and Alabama Stock Report
Negative numbers were again the norm on Monday on our Mobile and Alabama Stock Report, and one stock of local interest took the biggest hit.
Enviva dropped 15.4% to close at $2.52, a 52-week low. The wood pellet manufacturer partially exports out of the Port of Mobile and has a major facility coming soon to Epes in Sumter County.
Amazon pulled in a modest 1.1% to pace the gainers. ArcelorMittal pulled up .6%.
Overall, Wall Street swung to a mixed finish Monday, continuing a monthslong run where it’s slavishly followed the cue of the bond market.
The S&P 500 slipped 7.12 points, or 0.2%, to 4,217.04, coming off its worst week in a month. The Dow Jones Industrial Average dropped 190.87, or 0.6%, to 32,836.41. The Nasdaq composite rose 34.52, or 0.3%, to 13,018.33.
Rapidly rising yields in the bond market have been pressuring stock prices since the summer, and they seemed set to climb further. Early Monday, the yield on the 10-year Treasury briefly topped 5.02% to touch its highest level since 2007. That helped to torpedo stocks, and the S&P 500 quickly slumped 0.8%.