Stocks fall, yields up; economic slowdown worries mount

A U.S. report showed the number of Americans filing new claims for unemployment benefits unexpectedly fell last week, pointing to another month of solid job growth and continued labor market tightness.

The Dow Jones Industrial Average fell 252.4 points, or 0.76 percent, to 33,044.56, the S&P 500 lost 30.01 points, or 0.76 percent, to 3,898.85 and the Nasdaq Composite dropped 104.74 points, or 0.96 percent, to 10,852.27. Also, Netflix shares rose more than 6 percent in after-hours trading. Co-founder Reed Hastings announced he will step down as chief executive, while the company also released quarterly results.Benchmark 10-year U.S. Treasury yields edged off four-month lows as they neared a key technical level and the recent bond rally appeared overdone in the near term.

In other data, overall U.S. housing starts declined 1.4 percent to a rate of 1.382 million units last month. Building permits dropped 1.6 percent to a rate of 1.330 million units.

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