Stock marketplace news live updates: Nasdaq erases year-to-date gains as tech selloff persists and Treasury yields climb

Stocks slumped Thursday after another technology-led selloff on Wednesday.

[Click here to review what’s relocating markets streamer into Friday, Mar 5]

The Nasdaq finished reduce by some-more than 2%, fluctuating waste for a third true day after a tech-heavy index forsaken 2.7% during the unchanging event on Wednesday. At event lows, both a Nasdaq and SP 500 erased gains for a year-to-date. The Nasdaq also quickly dipped into improvement domain intraday before paring some losses, dropping by some-more than 10% from during new record shutting high.

The moves reduce came even after a new news on weekly stagnation claims came in improved than expected, indicating to improving practice trends after a unsatisfactory print on private payroll expansion came in only a day earlier. During a open entrance Thursday afternoon, Federal Reserve Chair Jerome Powell unsuccessful to attest that a executive bank would immediately work to wand off inflationary pressures.

The past several weeks have seen investors increasingly stagger divided from a high-growth names that led a markets aloft in 2020, given that a larger mercantile reopening appears approaching and good to lift bonds badly beaten down final year. Technology bonds came underneath well-developed offered vigour as traders incited their concentration to bonds staid to advantage some-more directly from an imminent mercantile reopening.

At a same time, a recent, fast arise in Treasury yields has also deterred investors from expansion stocks, with seductiveness rates closely tied to borrowing costs for companies and consumers. The 10-year Treasury produce climbed to around 1.55% on Thursday following Powell’s appearance, with a pierce aloft representing an boost of some-more than 50 basement points from levels only a month ago. Bank bonds have outperformed, and a SP 500 financials zone has been among a tip performers over a year-to-date, given that bank increase tend to advantage from higher-rate environments.

“I consider we only have another instance of a existence uncover for financial geeks, and that is ‘bonds working badly,’ Jason Ware, arch investment officer of Albion Financial Group, told Yahoo Finance. “And as rates rise, as yields rise, what we’re stability to see is this pull opposite owning expansion companies and in sold large tip technology. And we consider during a opening that creates sense: It starts to shake some service as yields go up, and portfolio managers – generally those that are some-more short-term oriented – start to rethink those positions.”

Meanwhile, a U.S. Senate continues to discuss a sum of another coronavirus service package, with a House of Representatives carrying modernized President Joe Biden’s $1.9 trillion offer final weekend. On Wednesday, a White House concluded with assuage Senate Democrats to tie a eligibility manners for Americans to accept a $1,400 impulse check, bringing a limit income threshold down to $80,000 from $100,000 enclosed in a House bill.

4:02 p.m. ET: Nasdaq sinks 2.1%, erasing year-to-date gains and shutting in on a improvement as Treasury yields surge

Here were a categorical moves in markets as of 4:02 p.m. ET:

  • SP 500 (^GSPC): -51.14 (-1.34%) to 3,768.58

  • Dow (^DJI): -346.61 (-1.11%) to 30,923.48

  • Nasdaq (^IXIC): -274.28 (-2.11%) to 12,723.47

  • Crude (CL=F): +$2.88 (+4.70%) to $64.16 a barrel

  • Gold (GC=F): -$21.00 (-1.22%) to $1,694.80 per ounce

  • 10-year Treasury (^TNX): +8 bps to produce 1.5500%

1:06 p.m. ET: Stocks extend declines, Nasdaq drops 2%

Here’s where a vital indexes were trade Thursday afternoon:

  • SP 500 (^GSPC): 3,774.89, -44.83 points (-1.17%)

  • Dow (^DJI): 30,963.77, -306.32 points (-0.98%)

  • Nasdaq (^IXIC): 12,730.35, -266.18 points (-2.04%)

  • Crude (CL=F): $64.28 per barrel, +$3.00 (+4.9%)

  • Gold (GC=F): $1,696.50 per ounce, -$19.30 (-1.12%)

  • 10-year Treasury (^TNX): +6.6 bps to produce 1.536%

12:20 p.m. ET: Powell reiterates that economy stays ‘a prolonged way’ from Fed’s goals

Federal Reserve Chair Jerome Powell pronounced during open remarks on Thursday that a U.S. economy still stays “a prolonged way” from a goals of a executive bank, suggesting a Fed would sojourn accommodative in a financial process posturing.

“It’s a lot of belligerent we have to cover,” Powell pronounced during a Wall Street Journal’s practical Jobs Summit Thursday afternoon. As of January, a U.S. remained 9.9 million jobs brief of a pre-pandemic levels, with an stagnation rate still rarely towering compared to Feb of final year.

Powell also suggested that a steadfastly low acceleration rate sourroundings would sojourn in place even as mercantile activity picks adult in a entrance months, observant that it was “unlikely” for underlying inflationary trends to change rapidly.

10:00 a.m. ET: Mortgage rates burst above 3% for a initial time in 7 months, pressuring housing marketplace activity

U.S. debt rates extended their new leg aloft to mangle above 3% for a initial time given Jul 2020, lifting concerns that a housing market’s breakneck expansion final year might neatly remove momentum.

Freddie Mac information showed Thursday morning that a normal for a 30-year bound rate debt increased to 3.02% for a duration finale Mar 4. A week earlier, debt rates were during 2.97%, already creeping above a record low of 2.65% logged during a commencement of Jan this year.

9:55 a.m. ET: Square to squeeze song height Tidal, supplement Jay-Z to board

Jack Dorsey’s payments association Square (SQ) announced Thursday morning that it will be shopping a infancy interest in a song and party height Tidal. Square is set to compensate $297 million in money and batch as partial of a deal.

Musician Jay-Z, who purchased Tidal in 2015 for $56 million, will join a house of directors of Square, and also keep some tenure in a association after a understanding closes.

“New ideas are found during intersections, and we trust there’s a constrained one between song and a economy. we knew TIDAL was something special as shortly as we gifted it, and it will continue to be a best home for music, musicians, and culture,” Dorsey pronounced in a press statement.

Shares of Square forsaken 3% intraday on Thursday amid a broader dump in tech stocks.

9:45 a.m. ET: Kroger shares arise after 4Q formula tip estimates, as grocer got another boost from pestilence pantry-loading

Shares of grocery hulk Kroger (KR) posted fourth-quarter sales and distinction that simply exceeded consensus expectations, aided by ongoing strength in consumer at-home eating trends during a pandemic. Shares rose about 1% Thursday morning.

Fourth-quarter matching store sales jumped 10.6%, commanding expectations for a arise of 10.1%, according to Bloomberg accord data. That enclosed a digital sales expansion swell of 118%. Overall sales grew 6.4% to $30.74 billion in a fourth quarter, bringing full-year sales adult 13.6% to a record $26.2 billion. And on a bottom line, practiced gain of 81 cents per share exceeded expectations for 69 cents a share.

However, for a stream mercantile year, Kroger sees movement negligence down after a swell in expansion in 2020. Identical store sales are approaching to tumble between 3% and 5% year-over-year. However, Kroger’s distinction superintendence still surfaced estimates, with a association saying full-year practiced gain of between $2.75 and $2.95 a share.

9:31 a.m. ET: Stocks trade churned after enlivening labor marketplace data, Nasdaq steadies after selloff

Here’s where markets were trade only after marketplace open:

  • SP 500 (^GSPC): 3,818.35, -1.37 points (-0.04%)

  • Dow (^DJI): 31,311.34, +41.25 points (+0.13%)

  • Nasdaq (^IXIC): 12,953.60, -44.15 points (-0.18%)

  • Crude (CL=F): $62.34 per barrel, +$1.06 (+1.73%)

  • Gold (GC=F): $1,711.90 per ounce, -$3.90 (-0.23%)

  • 10-year Treasury (^TNX): +0.2 bps to produce 1.472%

8:30 a.m. ET: Jobless claims rose reduction than approaching final week, steadying next 750,000

Weekly stagnation claims ticked adult final week though by a smaller than approaching margin, picking adult somewhat after reaching a lowest turn given Nov during a before week.

Initial jobless claims increasing by 9,000 from a before week to 745,000 for a week finished Feb 20, a Labor Department pronounced in a weekly news Thursday morning. This came in improved than a 750,000 expected, according to Bloomberg accord data. The before week’s turn was upwardly revised somewhat to 736,000, from a 730,000 formerly reported.

Continuing jobless claims fell for a seventh true week to 4.295 million during a week finished Feb 13. This was roughly in line with a 4.300 million expected, though declined from a 4.419 million during a before week.

7:16 a.m. ET Thursday: Stock futures indicate to a reduce open

Here’s where markets were trade forward of a opening bell:

  • SP 500 futures (ES=F): 3,804.75, down 12 points or 0.31%

  • Dow futures (YM=F): 31,178.00, down 58 points or 0.19%

  • Nasdaq futures (NQ=F): 12,630.75, down 51 points or 0.4%

  • Crude (CL=F): $61.31 per barrel, +$0.03 (+0.05%)

  • Gold (GC=F): $1,713.50 per ounce, -$2.30 (-0.13%)

  • 10-year Treasury (^TNX): -0.6 bps to produce 1.464%

6:01 p.m. ET Wednesday: Stock futures trade flat

Here’s where markets were trade as a overnight event kicked off:

  • SP 500 futures (ES=F): 3,815.00, down 1.75 points or 0.05%

  • Dow futures (YM=F): 31,241.00, adult 5 points or 0.02%

  • Nasdaq futures (NQ=F): 12,679.00, down 2.75 points or 0.02%

A male wearing a protecting face facade walks past a New York Stock Exchange in Manhattan in New York City, New York, U.S., Oct 26, 2020. REUTERS/Mike Segar

Emily McCormick is a contributor for Yahoo Finance. Follow her on Twitter: @emily_mcck

Read some-more from Emily:

You must be logged in to post a comment Login

Widgetized Section

Go to Admin » appearance » Widgets » and move a widget into Advertise Widget Zone