Some minor gains, but myriad decliners on Birmingham stock report
Negative numbers were again the norm on Monday on our Birmingham and Alabama Stock Report, but a few stocks of local interest managed to pull out some gains.
ServisFirst Bancshares, Inc. was near the top, gaining 1.1%. It is a bank-holding company based in Birmingham, with ServisFirst Bank as its subsidiary.
Warrior Met Coal pulled in a modest .7% gain.
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%.