Highlights
Major stock indexes lost ground again on Thursday, led by continuing weakness in megacaps and AI stocks as the technology momentum trade consolidated further. The Dow Jones industrial average lost 0.8 percent while the S&P 500 fell 0.9 percent and the Nasdaq was down 1.4 percent. Short term bond yields fell while long term bond yields declined, the dollar rose, and oil prices jumped.
Oil prices were up amid signs of more reescalation of the US-Iran dispute and the prospect of wider disruption in energy product flows from the Mideast. Energy stocks were the sole winner on Friday while the rest of the market gave up ground through the day in a risk-off trade.
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