Benzinga
Ford Stock Drops Monday: What's Happening? - Ford Motor (NYSE:F)
xCruzo Brief
Ford Motor shares slid Monday afternoon, falling 2.28% to $12.43, as crude oil prices and Treasury yields rose in tandem and weighed on auto financing and corporate spending expectations. The broader sell-off picked up after President Donald Trump rejected Iran’s weekend proposal to reopen the Strait of Hormuz. West Texas Intermediate jumped 4.2% to about $96 a barrel and Brent rose 4% to roughly $108. Benchmark bond yields spiked, with the 10-year Treasury climbing 10 basis points to 5.27%, the highest since mid-2007. Traders also priced a roughly 65% chance of an October Fed rate hike.
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