Stocks finished down Thursday, attempting to recover from the previous day's downgrade-sparked sell-off, as highly anticipated earnings loomed later in the day. The S&P 500 fell by 0.3%, while the Dow Jones Industrial Average (DJI) fell 0.2%. The Nasdaq Composite (IXIC), which is heavily weighted towards technology, fell 0.1%. Treasury yields rose as Wall Street continued …
Stocks finished down Thursday, attempting to recover from the previous day’s downgrade-sparked sell-off, as highly anticipated earnings loomed later in the day. The S&P 500 fell by 0.3%, while the Dow Jones Industrial Average (DJI) fell 0.2%. The Nasdaq Composite (IXIC), which is heavily weighted towards technology, fell 0.1%.
Treasury yields rose as Wall Street continued to examine the consequences of Fitch’s downgrading of US credit. On Thursday, the benchmark 10-year yield increased to 4.18%. As traders fled riskier assets, stocks fell on Wednesday, led by a more than 2% drop in the Nasdaq, which expereinced its worst day since February.
Aside from the downgrading, with Apple (AAPL) and Amazon (AMZN) delivering a one-two punch after the bell on Thursday, earnings remain top of mind for investors. They will be among the final high-flying IT firms to report this quarter. Both stocks have gained almost 50% this year.
In other earnings news, PayPal (PYPL) and Qualcomm (QCOM) also fell Thursday after reporting poor profits after the bell on Wednesday. Moderna (MRNA) stock has held steady after the firm raised its COVID-19 vaccine sales prediction for the autumn.
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