Highlights
Stocks were narrowly mixed Thursday with big technology shares weighing on the major averages despite renewed strength in semiconductors and momentum stocks. The Dow Jones industrial average firmed 0.1 percent while the S&P 500 was flat and the Nasdaq was off 0.5 percent. Bond yields and the dollar declined while oil rose.
Apple and Microsoft were the day's noted losers after announcing price increases due to rising input prices. Big tech was hit despite a rally in Micron and other AI chip shares after a big earnings beat. Separately, oil prices ticked up on news of a tanker struck by a missile in the Persian Gulf, reportedly fired by Iran. Traders chose not to react much to the uptick in oil as it remains well off its peak and markets expect oil to continue flowing through the Gulf.
Bond yields were mostly lower as the market corrected a bit of the yield runup this week after personal consumption expenditures prices matched expectations, a relief for traders worried about an upside surprise.
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.