As Treasury yields rose to multiyear highs amid the Federal Reserve’s promise to maintain interest rates at higher levels for longer, stocks declined on Thursday, compounding losses for the week.
In a 0.6% decrease, the Dow Jones Industrial Average lost 205 points. The Nasdaq Composite fell 1.5%, and the S&P 500 fell 1.0%.
The Nasdaq was expected to decline by around 3%, while the Dow and S&P 500 were expected to close the week down by 1% and 2%, respectively. The major averages were also on track to lose money for the third day in a row.