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.

The leading Dow Jones Industrial Average (^DJI) is down about 0.8%, while the S&P 500 (^GSPC) is down about the same amount. The technology-heavy Nasdaq Composite (^IXIC) 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. Globally, yields are at highs not seen since the depths of the Great Recession.

Healthcare stocks, most notably CVS (CVS), were criticized by a report that insurer Blue Shield of California is looking to reduce its reliance on CVS for its pharmacy services and instead shift 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. Stocks closed firmly in the red on Wednesday after the release of minutes from the Fed’s latest policy meeting indicated that the committee remains focused on reining in inflation and would not rule out further hikes in September.

On the earnings front, Walmart Inc (WMT) took center stage to end a busy week in retail. The retailer posted a strong quarter that saw sales and traffic increase in its stores as Americans continued to look for discounts. However, its stock fell more than 2% on Thursday.

The highlight of Thursday’s economic data came in the form of weekly jobless claims, which fell last week, indicating continued resilience in the labor market.

Related Posts

Have You Seen How Kate Middleton Looked Before Her Marriage to Prince William? Check it Here!

We’re accustomed to seeing Kate Middleton as exceptionally slender and resonant, a picture of grace and elegance, particularly remembered for her radiant appearance at her wedding to Prince William. Despite…

Read more

Important reason why there are black dots on your car’s windscreen – you had better know what it means

The black dots, called a “marvel of engineering” by experts, are often overlooked, They are part of the frit band, a rough-textured enamel paint strip that frames the windshield’s edge….

Read more

Take a Seat, This Viral Cow Math Puzzle Will Take Your Brain for a Ride

fresh cow math puzzle is currently causing quite the stir on Twitter, leaving many scratching their heads—including myself. We’ve seen our fair share of monkey-themed brain teasers and riddles involving…

Read more

My 14-Year-Old Daughter Found a Pacifier in My Husband’s Briefcase — the Shocking Truth Almost Destroyed Me

When Jen’s daughter discovered a mysterious baby’s pacifier hidden in her husband’s briefcase, it unraveled a trail of secrets that led to surprising revelations, ultimately transforming their family in ways…

Read more

Homeless couple receives backlash for saying employment is not for them

This homeless couple’s decision to reject traditional work and opt for a tent lifestyle has sparked controversy and drawn criticism from all around. “Homelessness isn’t wrong if you’re looking at…

Read more

How To Make Old-School Creamy Pea Salad

There are certain recipes that never fail to bring about a wave of nostalgia for my childhood. Some of those recipes include my grandmother’s tomato sauce, banana bread, and creamy…

Read more

Leave a Reply

Your email address will not be published. Required fields are marked *