Jennifer Sor
Lucas Jackson/Reuters US stocks closed lower on Thursday as investors awaited for Apple and Amazon earnings to roll out. The 10-year Treasury surged 11 basis points, continuing its rise following Fitch’s US credit downgrade. Commentators say that US dollar and Treasury assets are still a safe haven for investors. Loading Something is loading.
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US stocks fell on Thursday as bond yields surged and investors waited on quarterly earnings from Apple and Amazon.
Fitch downgraded its rating on US debt to AA+ from AAA earlier this week, sparking a sharp sell-off in stocks that began Wednesday and extended early in the day on Thursday. The major indexes fell in early morning trading before retracing losses mid-day, ending Thursday’s trading session mostly flat.
The 10-year Treasury yield surged 11 basis points to trade at 4.193%. Commentators have said since Fitch slashed the US’s credit rating that the move didn’t shed any new light on the country’s economic situation, and that dollar assets and US Treasurys are still safe havens for investors. Goldman Sachs, JPMorgan boss Jamie Dimon, and Warren Buffett are among those that have brushed off the move as inconsequential.
Apple and Amazon stock traded mostly flat as investors waited for the mega-cap firms to release their financials. Both are due to report quarterly earnings after the closing bell.
Here’s where US indexes stood 4:00 p.m. ET closing bell on Thursday:
S&P 500: 4,501.73, down 0.26%Dow Jones Industrial Average: 35,215.10, down 0.19% (67.42 points)Nasdaq Composite: 13,959.71, down 0.1% Here’s what else is happening this morning:
Meme stocks were soaring Thursday, with Tupperware and Yellow shares jumping over 800%.Robinhood stock tumbled as monthly active users plunged by a million in the second quarter.The US dollar and Treasurys could remain global safe havens despite Fitch’s debt downgrade, Goldman Sachs said.Bitcoin bull Michael Saylor says he wants to acquire as much of the cryptocurrency as he can.Stocks could see a sharp sell-off as the FOMO-driven rally hits heads with rebounding inflation, Wells Fargo warned.The US dollar could be on the brink of a multi-year rally.China’s housing market is so bad that people are rushing to the US to buy a home. In commodities, bonds and crypto:
West Texas Intermediate crude oil rose 2.78% to $81.69 per barrel. Brent crude, oil’s international benchmark, climbed 2.48% to $85.26.Gold slipped 0.03% to $1,968.70 per ounce.The yield on the 10-year Treasury jumped 11 basis points up to 4.193%.Bitcoin rose 0.11% to $29,197.90. Read next
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