US stocks fell on Thursday as Wall Street looked to rebound from two consecutive losing sessions, while the 10-year Treasury yield rose to stay near recent highs.
The Dow Jones Industrial Average (^DJI) fell slightly below the flat line, while the S&P 500 (^GSPC) fell 0.1%. The high-tech 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 are at levels not seen since the depths of the Great Recession.
Stocks closed firmly in the red on Wednesday after the release of minutes from the Fed’s latest policy meeting indicated that the committee remains focused on reining in inflation and would not rule out further hikes in September.
Meanwhile, Walmart (WMT) took center stage to end the week of heavy retail earnings. The retailer posted a strong quarter that saw sales and traffic increase at its stores as Americans continued to look for discounts.
The highlight of Thursday’s economic data came in the form of weekly jobless claims, which fell last week, indicating continued resilience in the labor market.