Highlights
Equities climbed back from midday losses to end narrowly mixed Thursday but concern over rising interest rates continued to weigh on the market.
The Dow Jones industrial average was flat while the S&P 500 and the Nasdaq both eased 0.1 percent. US Treasury yields declined, the dollar rose, and oil prices extended their recent steep losses.
Short-term traders evidently chose to sell into Wednesday's uptick. Lower than expected jobless claims in the latest week played into the market's fears about the need for interest rates to go higher or at least remain high throughout 2024. Recent Federal Reserve statements have generally confirmed the view that at least one more rate hike is coming but San Francisco Fed President Mary Daly said rising bond yields have completed the Fed's tightening job.
Sectors were mixed with financials, technology, health care, and real estate relatively strong while lagging were utilities, industrials, materials, consumer staples, and energy, with the latter hit by a second day of heavy selling in the oil market.
The Dow Jones industrial average was flat while the S&P 500 and the Nasdaq both eased 0.1 percent. US Treasury yields declined, the dollar rose, and oil prices extended their recent steep losses.
Short-term traders evidently chose to sell into Wednesday's uptick. Lower than expected jobless claims in the latest week played into the market's fears about the need for interest rates to go higher or at least remain high throughout 2024. Recent Federal Reserve statements have generally confirmed the view that at least one more rate hike is coming but San Francisco Fed President Mary Daly said rising bond yields have completed the Fed's tightening job.
Sectors were mixed with financials, technology, health care, and real estate relatively strong while lagging were utilities, industrials, materials, consumer staples, and energy, with the latter hit by a second day of heavy selling in the oil market.
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.
