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The S&P 500 fell on Thursday as surging Treasury yields weighed on most of the market along with a blockbuster earnings report from Micron Technology.
The Dow Jones Industrials slid 328.37 points to 50,577.68
The much-broader index went lower 25.83 points to 7,625.71.
The NASDAQ Composite withered 86.16 points to 26,774.91.
Micron posted blockbuster earnings with revenue quadrupling last quarter. However, the stock failed to catch a bid having already risen more than 200% this year. Shares were down 3%.
Wells Fargo has downgraded ExxonMobil to equal weight but maintained a price target of $182 per share, implying 12% upside from Wednesday’s close of $162.75.
Tech shares led the broader market in September as a majority of stocks in the benchmark declined. That pattern held early Wednesday with most stocks outside of technology weaker or flat
Prices for the 10-year Treasury regained lost ground, reducing yields to Wednesday’s 5.29%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.87 to $92.29 U.S. a barrel.
Gold prices handed back $2.70 to $4,184.00 U.S. an ounce.
