Stocks Fall for Third Day in a Row as Yields Continue to Rise: Stock Market News Today
On Thursday, US stocks closed sharply lower for the third consecutive session as the August gloom continued on Wall Street.
Dow Jones Industrial Average (^ DJI) down about 0.8%, while the S&P 500 (^ The Salafist Group for Preaching and Combat) decreased by approximately the same amount. Nasdaq Technology Heavy Composite (^ ix) lost more than 1% For the third day in a row.
Meanwhile, the 10-year US Treasury yield settled just below 4.3%, staying near recent highs. worldwide, Yields have reached highs we haven’t seen Since the depths of the Great Recession.
Health care stocks, most notably CVS (CVS), Report swipe that insurance company Blue Shield of California is looking to reduce its reliance on CVS for its pharmacy services and instead turn more to drugmaker Amazon and Mark Cuban. CVS stock finished down more than 8%.
Meanwhile, concerns about the Fed’s path on interest rates have returned to the markets. Stores Finished solidly in red Wednesday after release Minutes from the latest Federal Reserve policy meeting The committee is still focused on curbing inflation and will not rule out further increases in September.
On the earnings front, Wal-Mart (wmt) in pole position to end a retail-heavy week. Retailer It posted a strong quarter which has seen an increase in sales and foot traffic at its stores as Americans continue to look for discounts. However, its stock fell more than 2% on Thursday.
The most prominent economic data on Thursday came in the form of the weekly unemployment claims, that fell Last week, the labor market shows continued resilience.