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U.S. stocks fell on Thursday, extending recent losses, amid concerns the Federal Reserve will hold interest rates higher for longer to control inflation.<\/p>\n
Stocks opened slightly higher, but retreated soon and then spent the rest of the day’s session in the red.<\/p>\n
The major averages all ended in the red, with the Nasdaq suffering a more pronounced loss, as yields on long term Treasury Notes climbed to a 16-year high.<\/p>\n
The Dow ended down 290.91 points or 0.84 percent at 34,474.83. The S&P 500 shed 33.97 points or 0.77 percent to settle at 4,370.36, while the Nasdaq dropped 157.70 points or 1.17 percent to 13,316.93.<\/p>\n
In economic news, data from the Labor Department showed first-time claims for U.S. unemployment benefits saw a modest decline in the week ended August 12th.<\/p>\n
The report said initial jobless claims slipped to 239,000, a decrease of 11,000 from the previous week’s revised level of 250,000. Economists had expected jobless claims to dip to 240,000 from the 248,000 originally reported for the previous week.<\/p>\n
Meanwhile, the Labor Department said the less volatile four-week moving average crept up to 234,250, an increase of 2,750 from the previous week’s revised average of 231,500.<\/p>\n
A report from the Federal Reserve Bank of Philadelphia said the Philadelphia Fed manufacturing index increased to +12 in August, up from -13.5 in July.<\/p>\n
Meanwhile, the Conference Board’s leading index declined 0.4 percent month-on-month in July.<\/p>\n
Walgreens Boots Alliance fell more than 3 percent. Boeing, United Health, Apple, Home Depot, Salesforce.com and Nike declined 1.4 to 2.3 percen.<\/p>\n
Meta Platforms shares ended more than 3 percent down. Intel, Apple Inc and Microsoft also closed notably lower.<\/p>\n
Walmart shares ended lower by more than 2 percent despite the company lifting its annual guidance after second quarter results beat expectations.<\/p>\n
Cisco Systems climbed about 3.3 percent, lifted by better than expected fourth-quarter results. <\/p>\n
3M, Chevron, Johnson & Johnson, Colca-Cola and IBM posted modest gains.<\/p>\n
In overseas trading, Asian stocks ended weak amid mounting China worries and on hawkish Fed minutes.<\/p>\n
The major European markets<\/span> closed weak on Thursday, extending recent losses, as worries about China’s economic woes, interest rate and inflation concerns continued to weigh on sentiment. <\/p>\n<\/p>\n<\/div>\n