Stock market today: Wall Street falls after profit warnings, strong economic data

economy continues to storm ahead despite much higher interest rates that have already lashed the stock market. The S&P 500 lost 1.2%. Another steep fall for Big Tech dragged on the market and sent the Nasdaq composite to a market-leading loss of 1.8%. The Dow Jones Industrial Average fell 251 points. Treasury yields fell after erasing earlier gains. The yield on the 10-year Treasury dropped to 4.84%.

Investors may have been spooked by the company’s warning that it’s seen some initial softness in advertising due to the latest Israel-Hamas war, and analysts said the company gave a wider range than it has in the past for its forecast of upcoming revenue. The yield on the 10-year Treasury fell to 4.84% from 4.96% late Wednesday. Earlier in the morning, it had neared its highest level since 2007. Yields swung following a deluge of reports on the economy.

Thursday’s strong economic reports show the U.S. economy is clearly not in a recession. But Wall Street is more concerned about what will happen rather than what’s in the past, and the worry is that a solid economy could put continued upward pressure on inflation. That in turn could push the Fed to keep rates high for a long time to defeat high inflation. And that would mean eventual weakness for the economy and corporate profits.

Nederland Laatste Nieuws, Nederland Headlines

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