U.S. Stocks Close Lower as Treasury Yields Rise

U.S. stocks closed lower Thursday, snapping the longest winning streaks for the Nasdaq and S&P 500 in two years, as Treasury yields climbed after a disappointing auction of 30-year bonds and comments from Federal Reserve Chair Jerome Powell. Powell said central bank officials "are not confident" interest rates are high enough to tame inflation, and may not get much more help from improvements in the supply of goods, services and labor.

"If you add up all the remarks, Powell is telling the market not to get too complacent and that’s putting some pressure on stocks." After Wall Street's strong rally last week, the pace of gains slowed, and the declines on Thursday snapped an eight-session streak of advances for the S&P 500 and nine-session winning streak for the Nasdaq, the longest for each since November 2021.

Meanwhile, a Labor Department report showed jobless claims edged lower last week to 217,000, indicating layoffs have yet to accelerate despite signs of a cooling labor market.

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Dow turns lower as stocks threaten to snap longest winning streak in 2 yearsWilliam Watts is MarketWatch markets editor. In addition to managing markets coverage, he writes about stocks, bonds, currencies and commodities, including oil. He also writes about global macro issues and trading strategies. During his time at MarketWatch, Watts has served in key roles in the Frankfurt, London, New York and Washington, D.C.
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