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Stocks fell on Thursday as Treasury yields kept marching higher, with traders anticipating further rate hikes from the Federal Reserve. A pullback in Oracle weighed on tech.
The Dow Jones Industrials stumbled 153.06 points to 51,358.53
The S&P 500 index lost 16.51 points to 7,689.52.
The NASDAQ Composite dropped 148.41 points, or 1.1%, to 26.787.26
Oracle shares sank more than 5% after Bloomberg News reported, citing sources, that the company was citing force majeure in order to protect itself from a data center project being built in New Mexico if it is delayed.
The 30-year Treasury bond yield touched 5.446%, a level not seen since June 2004. The benchmark 10-year Treasury note yield, which is tied to rates on mortgages, surged to 5.15%, near levels not reached since July 2007. The two-year note yield was flat on the day, but scaled to a 2023 high earlier in the week.
Darden Restaurants, the parent of Olive Garden and LongHorn, shed $2.71, or 1.3%, to $210.98, on the back of its fiscal first-quarter results.
MGM Resorts International shares tumbled $9.33, or 9.3%, to $34.31, after Barry Diller’s People withdrew its proposal to buy the casino giant.
Prices for the 10-year Treasury were stuck, keeping yields at 5.11%. Treasury prices and yields move in opposite directions.
Oil prices gained two dollars to $94.16 U.S. a barrel.
Gold prices flopped $19.20 to $4,305.50 U.S. an ounce.
