The S&P 500 was unchanged on Thursday as investors remained concerned about rising rates, as they have done throughout this year’s extremely dismal month and quarter for stocks.
Just just over the flatline, the broad market index traded. A gain of 43 points, or 0.1%, was seen in the Dow Jones Industrial Average. By 0.3%, the Nasdaq Composite fell.
With unemployment claims coming in lower than anticipated, statistics released on Thursday showed a still robust labour market, pushing the yield on the benchmark 10-year Treasury to a new 15-year high in early trade on Thursday. Recently, the bond market has served as a major source of information for the stock market, with each increase in rates triggering concerns about a possible recession and sending stocks to record lows. This past week, the 10-year yield touched its highest level since 2007, while the S&P 500 fell to its lowest level since June.
After releasing mediocre earnings expectations for the upcoming quarter, Micron Technology saw a more than 4% decline. Microsoft, Apple, and Amazon were among the other prominent megacap tech stocks that fell.
Source (CNBC)
