Highlights
Stocks slipped Thursday as the market remained fixated on worries that AI will disrupt entire sectors and undercut employment. The Dow Jones industrial average fell 1.3 percent, the broader S&P 500 lost 1.6 percent and the Nasdaq dropped 2.0 percent. US Treasury yields fell, the dollar was mostly down versus major currencies while oil and gold prices declined.
News of unexpectedly weak pending home sales and higher than expected jobless claims added to the bearish market tone and pushed down US Treasury yields. Magnificent Seven stocks had a bad day to dampen stocks with Apple leading the losers with a 5 percent loss. Cisco and Applovin were featured decliners after disappointing quarterly results.
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.