Wall Street fell for a third straight day Thursday as investors continued to digest earnings and new economic data.
- The Dow fell 290 points, or 0.8%, to 34,474.
- The S&P 500 fell 33 points, or 0.7%, to 4,370.
- The Nasdaq fell 157 points, or 1.1%, to 13,329.
The losses were widespread. Some of the heaviest hit big technology stocks, which are seen as the most vulnerable to higher interest rates. Apple was down 1.6%, the biggest weight on the benchmark S&P 500. Meta Platforms sank 2.7%, and Tesla dropped 2.5%. Stocks broadly have been retreating in August following a torrid first seven months of the year. That's in part because a swift rise in bond yields is forcing a reassessment of how much to pay for stocks. The 10-year Treasury, which is the centerpiece of the bond market, is now yielding 4.29% after earlier in the morning touching its highest level since October. If it reaches 4.34%, it will be at a level unseen since 2007, according to Tradeweb.
Higher yields are good for bond investors, who get fatter payouts for their investments. But it hurts stock prices because investors are suddenly less inclined to pay high prices for them and other investments that aren't as steady as bonds. Oil prices rose Thursday to recover some of their slide from earlier in the week, and that helped propel stocks of energy producers to some of the rare gains within the S&P 500. Exxon Mobil rose 1.9%, Chevron added 2%, and ConocoPhillips gained 1.6%. Cisco Systems was a rare bright spot within the tech sector, rising 3.5%. The maker of networking equipment reported stronger profit and revenue for the latest quarter than analysts expected.
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