Highlights
Stocks recovered from early declines to finish narrowly mixed but at the day’s best levels on Thursday after bond yields retreated from recent multiyear highs. The Dow Jones industrial average was flat while the broader S&P 500 firmed 0.2 percent and the Nasdaq was up 0.1 percent. Oil prices and the dollar index gained slightly.
The runup in bond yields paused as the market awaits Friday’s US employment report, which is expected to show a slower job gain for September after August’s surprising strength. The market continues to react badly to gains in bond yields so far this year that have taken yields to levels not seen for more than 20 years.
Chips and other AI stocks outperformed along with software, energy, homebuilders, auto supplies, trucking and apparel retailers. Lagging were pharma/biotech, big banks, food, and casinos.