#stocks #inflation #YahooFinance #recession #bitcoin #Biden #Stockmarket #coronavirus #memestocks #Fed #YahooFinance #investing #stockmarket #crypto
To get the latest market news check out finance.yahoo.com
US stocks endured more losses on Thursday as lingering concerns about higher-for-longer interest rates and a Salesforce (CRM) sell-off put a damper on investors’ spirits.
The Dow Jones Industrial Average (^DJI) sank 0.8%, or more than 300 points points, after shedding over 400 to lead Wednesday’s stock market slide. The S&P 500 (^GSPC) fell 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) dropped about 0.5%.
Stocks have lost steam amid renewed gloom about the odds for rate cuts, stoked by data showing less cooling in inflation than the Federal Reserve wants. At the same time, hopes that Nvidia’s (NVDA) blockbuster earnings would spur a broader stock rally were disappointed.
That rates angst drove US bond yields this week to their highest levels since early May, lifting the 10-year Treasury (^TNX) back above 4.5%. Though the benchmark yield retreated on Thursday, it still held above the key level, trading around 4.6%.
Meanwhile, Salesforce’s (CRM) results sparked other worries about likely losers in the AI boom. The software maker’s shares slid 15% after it said sales growth would stall to the slowest in its history.
Also on Thursday, new government data showed that the US economy grew at a slower pace than initially thought during the first quarter. The Bureau of Economic Analysis’s second estimate of first quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 1.3% during the period, down from a first reading of 1.6% growth in April.
A wave of retail earnings before the bell gave other clues to consumer resilience and economic health. Kohl’s (KSS) shares cratered after the department store chain’s surprise quarterly loss and cut to its annual sales forecast. Meanwhile, Best Buy (BBY) posted a bigger drop in comparable sales than expected as Americans get choosy about spending on nonessentials.
For more on this article, please visit:
https://finance.yahoo.com/news/stock-market-today-dow-extends-slide-as-lackluster-earnings-rate-fears-prey-on-nerves-133508205.html
