US stocks fell on Thursday as bond yields surged and investors waited on quarterly earnings from Apple and Amazon.
Fitch downgraded its rating on US debt to AA+ from AAA earlier this week, sparking a sharp sell-off in stocks that began Wednesday and extended early in the day on Thursday. The major indexes fell in early morning trading before retracing losses mid-day, ending Thursday's trading session mostly flat.
The 10-year Treasury yield surged 11 basis points to trade at 4.193%. Commentators have said since Fitch slashed the US's credit rating that the move didn't shed any new light on the country's economic situation, and that dollar assets and US Treasurys are still safe havens for investors. Goldman Sachs, JPMorgan boss Jamie Dimon, and Warren Buffett are among those that have brushed off the move as inconsequential.
Apple and Amazon stock traded mostly flat as investors waited for the mega-cap firms to release their financials. Both are due to report quarterly earnings after the closing bell.
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