US stocks turned lower Thursday as Wall Street looked to rebound from two straight losing sessions, while the benchmark 10-year Treasury yield rose to stay near recent highs.
The blue-chip Dow Jones Industrial Average (^DJI) fell slightly below the flatline, while the S&P 500 (^GSPC) fell 0.1%. The tech-heavy Nasdaq Composite (^IXIC) fell 0.4% after losing more than 1% for two straight sessions.
Meanwhile, the 10-year US Treasury yield was above 4.3%, staying near recent highs. Globally, yields have hit highs not seen since the depths of the Great Recession.
Stocks ended firmly in the red Wednesday after the release of minutes from the Federal Reserve’s latest policy meeting suggested the committee remains focused on reining in inflation and won’t rule out further hikes in September.
Meanwhile, Walmart (WMT) took center stage to end a retail-heavy earnings week. The retailer posted a strong quarter that saw sales and foot traffic increase at its stores as Americans continue to look for discounts.
The economic data highlight Thursday came in the form of weekly unemployment claims, which fell last week, showing continued resilience in the labor market.
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