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.
