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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Stock market today: Wall Street stalls a day after a rare August gainNEW YORK (AP) — Wall Street drifted to a mixed closed ahead of a couple potentially market-shaking events later in the week. The S&P 500 fell 0.3% Tuesday, coming off a rare August gain that was powered by Big Tech.
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Stock market today: Tech stocks rally after blowout Nvidia profit, while rest of Wall Street driftsTechnology stocks are jumping in early trading following a blowout profit report from Nvidia, but moves for the rest of Wall Street are more muted. The S&P 500 was 0.3% higher early Thursday, continuing a strong week that has trimmed its loss for August so far.
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