US stocks slide as tech selloff and weak retail earnings offset the lowest jobless-claims reading in 50 years

Advertisement
US stocks slide as tech selloff and weak retail earnings offset the lowest jobless-claims reading in 50 years
Andrew Burton/Getty Images
  • Stocks fell Wednesday ahead of the Thanksgiving Day holiday as Treasury yields continued to march higher.
  • Nordstrom and Gap shares tumbled after third-quarter earnings misses.

US stocks fell Wednesday as investors headed into the Thanksgiving holiday showing concern about inflation and financial results from retailers.

All three of Wall Street's benchmarks moved lower, led by the tech-heavy Nasdaq Composite. Nordstrom and Gap shares each fell sharply after missing third-quarter earnings expectations, with both companies pointing to supply-chain issues.

Stocks remained in the red even after Labor Department data showed weekly jobless claims of 199,000 hit the lowest level since 1969.

Advertisement

Here's where US indexes stood at 9:30 a.m. on Wednesday:

Bond yields continued to move higher, reflecting worries about a sustained inflationary environment. Investors will try to gain more insight into the Federal Reserve's thinking on inflation and economic growth with the release later Wednesday of minutes from its most recent policy meeting.

Around the markets, gold fell 0.5% to $1,782 per ounce. The 10-year yield rose to 1.683%.

Advertisement

Oil prices fell, with West Texas Intermediate crude down 0.3% at $78.38 per barrel.

Bitcoin fell by 2.6% to $56,151.

{{}}