Highlights
Chipmaker Nvidia rallied Thursday to lift technology shares and the S&P 500 and Nasdaq, in a mixed showing for equities. Most other sectors were weaker as the market remains uncertain and investors are fixed on the unfolding debt ceiling drama.
The Dow industrials rose 0.1 percent, the S&P 500 gained 0.9 percent, and the Nasdaq was up 1.7 percent. US Treasury yields and oil prices rose while the dollar declined.
Equities were hurt by rising bond yields after a big downward revision in jobless claims, which played into concerns raised by a series of hawkish-sounding comments from Federal Reserve officials this week. Debt ceiling fears were aggravated by the move by Fitch Ratings to put the US rating on watch for a possible downgrade.
Among sectors, information technology and communications services outperformed while lagging were consumer staples, health care, utilities, energy, and materials.
The Dow industrials rose 0.1 percent, the S&P 500 gained 0.9 percent, and the Nasdaq was up 1.7 percent. US Treasury yields and oil prices rose while the dollar declined.
Equities were hurt by rising bond yields after a big downward revision in jobless claims, which played into concerns raised by a series of hawkish-sounding comments from Federal Reserve officials this week. Debt ceiling fears were aggravated by the move by Fitch Ratings to put the US rating on watch for a possible downgrade.
Among sectors, information technology and communications services outperformed while lagging were consumer staples, health care, utilities, energy, and materials.
Definition
Market Reflections track market reaction to the trading day's major events. Economic data, policymaker speeches, and company news are featured in this report as well as key indexes and financial instruments.
Description
Understanding why markets respond as they do is fundamental for an investor. Market Reflections help explain how the day's events, news, and data impact the outlook for the economy and for market prices.
