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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 292.94 points to 51,218.65
The S&P 500 index lost 34.88 points to 7,671.15.
The NASDAQ Composite let go of 209.17 points to 26.726.87
Oracle shares sank $7.27, or 5%, to $137.26, after Bloomberg News reported 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.
Darden Restaurants, the parent of Olive Garden and LongHorn, shed $3.13, or 1.5%, to $210.56, on the back of its fiscal first-quarter results.
MGM Resorts International shares tumbled $3.58, or 9.5%, to $34.26, after Barry Diller’s People withdrew its proposal to buy the casino giant.
Prices for the 10-year Treasury dropped, raising yields to 5.15% from Wednesday’s 5.11%. Treasury prices and yields move in opposite directions.
Oil prices gained $3.59 to $95.75 U.S. a barrel.
Gold prices flopped $39.20 to $4,285.50 U.S. an ounce.
