Tech stocks led a plunge in US stocks as the 10-year Treasury yield spiked to its highest point in a year.- Investors' inflation expectations picked up as better-than-expected jobless claims Thursday morning signaled strong economic growth ahead.
- $4.
Tech stocks led a plunge in US stocks as the 10-year Treasury yield spiked to its highest point in a year.
The 10-year yield hit a high above 1.6%, $4. The move came just a day after it pushed past 1.40%.
"Thursday's stock market declines are largely driven by the 10-year Treasury yield breaching the crucial 1.5% level. Higher Treasury yields call for lower stock market valuations. Rising bond yields make stocks look less attractive. If an investor can score a higher yield in the bond market, they may move money out of stocks and into bonds," said James McDonald, Hercules Investments CEO.
"In addition to making stocks look less attractive, rising bond yields are also a drag on businesses and the economy. Rising bond yields generally result in higher borrowing costs," he added.
$4 Thursday morning played into the narrative that the US economy is on pace for strong economic growth this year, further fueling expectations for an increase in inflation.
Here's where US indexes stood after the 4:00 p.m. ET close on Thursday:
$4 on Thursday as Reddit traders returned to their favorite nostalgia-trade stocks. The GameStop surge $4 as hedge funds scramble to reduce leverage, according to Fundstrat's Tom Lee.
$4 on Thursday, hurt by fourth-quarter revenue that fell short of Wall Street's target and the electronic retailer's outlook for a potential decline in same-store sales in the current quarter.
$4 as much as 4% on Thursday as a report said the EV maker will idle the Model 3 line at its Fremont, California factory for two weeks. Staff on the Model 3 line in Fremont were told production would be shut down until March 7 without an explanation, according to $4.
Bitcoin hovered around $49,000. Ark Invest founder Cathie Wood said s$4 during a panel Thursday.
Oil prices were mixed. $4 rose 0.2%, to $63.34 per barrel. $4, oil's international benchmark, fell by 0.31%, to $66.83 per barrel.
Gold fell around 1.5%, to $1,769.90 per ounce.