NEW YORK — Stocks are slipping on Wall Street Thursday, despite a blowout profit report from one of its most influential companies, after a couple mixed reports on the U.S. economy.
Nvidia first stunned the market three months ago when it said the quick adoption of AI would send its revenue soaring in the three months through July. Its sales came in even better than forecast, at $12.51 billion, and the company gave a forecast for the current quarter that again blew past Wall Street’s expectations.
The yield on the 10-year Treasury rose to 4.21% from 4.20% late Wednesday. It fell there from 4.33% a day before, which was close to its highest level since 2007. Higher yields mean bonds pay more in interest, which also causes investors to feel less need to pay high prices for stocks and other investments.
The Federal Reserve has already raised its main interest rate to the highest level since 2001 in hopes of grinding down high inflation. High rates work to do that by slowing the entire economy and hurting prices for investments. The two-year Treasury yield, which moves closely with expectations for the Fed, was holding steady at 4.98%. A day before, it had dropped to that level from 5.05% after a report suggested U.S. business activity is cooling in August.
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