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Stocks wavered on Thursday, with traders digesting another move higher on Treasury yields as well as a report of the U.S. and Iran potentially reaching a deal to reopen the Strait of Hormuz.
The Dow Jones Industrials backtracked $161.70 points to 51,349,89
The S&P 500 index leaned lower 1.8 points to 7,704.23.
The NASDAQ Composite inched forward 3.34 points to 26,939.37
Oracle shares sank five dollars, or 3.5%, to $139.53, 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 $6.38, or 3%, to $207.31, on the back of its fiscal first-quarter results.
MGM Resorts International shares tumbled $4.17, or 11%, to $33.68, after Barry Diller’s People withdrew its proposal to buy the casino giant.
Prices for the 10-year Treasury dropped sharply, raising yields to 5.19% from Wednesday’s 5.11%. Treasury prices and yields move in opposite directions.
Oil prices gained $3.06 to $95.22 U.S. a barrel.
Gold prices dropped $8.90 to $4,309.50 U.S. an ounce.
