The S&P 500 moved lower on Thursday as investors watched the moves in Treasury yields and faced pressure from elevated oil prices.
The Dow Jones Industrials were negative 204.37 points to 50.975.50
The much-broader index dipped 27.29 points to 7,774.48
The NASDAQ Composite lost 150.49 points to 27,388.20.
Oil prices spiked also after President Donald Trump said he doesn’t want to make a deal with Iran to end the war, while the U.S. is reportedly preparing for “massive bombing” in the Middle East.
Brent crude jumped 4% to around $104 per barrel. West Texas Intermediate futures, meanwhile, advanced 4% to around $92.
Key areas of the market sensitive to higher borrowing costs such as banks and technology were under pressure yet again. Intel and Marvell Technology shares were each down more than 2%, while Bank of America and Citigroup shed around 1%.
Prices for the 10-year Treasury sagged slightly, raising yields to 5.30% from Wednesday’s 5.29%. Treasury prices and yields move in opposite directions.
Oil prices recovered $4.61 to $92.89 U.S. a barrel.
Gold prices subtracted $2.10 to $4,138.60 U.S. an ounce.
