Major market averages were lower on Thursday, a day after the Nasdaq had its worst trading day since 2022.
Just before noon in New York, the Nasdaq (Ingredients: IND) down 1.1%the S&P 500 Index (SP500) is -0.7%and the Dow Jones Index (DJI) used to be -0.6%.
this 10-Year Treasury Bond Yield (10 years USD) rose 1 basis point to 4.17%. 2-year return rate (US2Y) rose to 4.45%. How to see Treasury yields have crossed the curve on the Seeking Alpha Bonds page.
Wall Street’s tech-heavy Nasdaq had its worst trading day since September 2022, with global chip stocks hammered by worries about U.S.-China trade restrictions, while the Dow surpassed for the first time and closed at a historic above 41,000 points.
“After the market continued to rise, it finally came to an abrupt halt yesterday,” said Deutsche Bank’s Henry Allen.
Investors will also look forward to an earnings report from streaming company Netflix ( NFLX ), which is expected to be released after the market debut.
In other earnings news, Taiwan Semiconductor Manufacturing Company (TSM) beat expectations for its second-quarter results and higher-than-expected third-quarter revenue prospects as demand for chips used in artificial intelligence products surges.
On the economic front, initial jobless claims rose more than expected in the past week, reaching 243,000.
The Philadelphia Fed’s business outlook is +13.9, compared with the consensus of +2.7.
In addition, the Federal Reserve’s balance sheet is also scheduled to be released later in the day.
