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Stocks slumped Thursday, giving back some of the sharp gains seen in the previous session, as bond yields resumed their upward march.
The Dow Jones Industrials stumbled 612.35 points, or 2.1%, to begin Thursday’s session at 29,071.39
The S&P 500 regressed 95.56 points, or 2.6%, to 3,623.48.
The NASDAQ Composite flopped 363.78 points, or 3.3%, to 11,687.85.
A stronger-than-expected jobless claims report didn’t help sentiment, building on the notion that the Federal Reserve will keep doing aggressive rate hikes to fight inflation without concern it’s going to hurt the labour market.
Apple shares fell 3.7% after Bank of America downgraded the tech stock to neutral from buy and slashed its price target, citing a weak consumer.
Treasury prices slid, raising yields to 3.81% from Wednesday’s 3.73%. Treasury prices and yields move in opposite direction.
Oil prices dipped 52 cents to $81.63 U.S. a barrel.
Gold prices swooned $8.60 to $1,661.40 U.S. an ounce.
