Stocks close lower on bearish economic reports and rising T-note yield, with mixed global markets.

From Nasdaq:

Stocks closed lower on Thursday, with the S&P 500, Dow Jones, and Nasdaq all down. The bearish PPI and retail sales reports, along with a rise in the 10-year T-note yield, indicated concerns about stagflation. Weekly initial unemployment claims fell, showing a strong labor market. Market expectations for a rate cut in June are at 65%. Overseas markets closed mixed, with European bond yields rising.

In the US, chip stocks like AMD and Nvidia saw losses. Tesla closed down over 4% after a price target slash by UBS. Megacap tech stocks like Alphabet and Microsoft saw gains. US Steel plunged following concerns over its takeover. Meta stock fell despite US House’s legislation on TikTok. Dollar General initially soared on better guidance but closed lower. Dick’s Sporting Goods surged on strong sales. Citigroup and Oracle saw mixed movement based on analyst upgrades. Robinhood rallied after positive operating data. Lithium Americas gained on loan approval. Bitcoin reached a new high but closed lower, along with Coinbase and Marathon Digital.

Earnings reports include Jabil Inc. Fed Chair Powell hints at potential rate cuts in the future, but the market is discounting the odds for next week. ECB member Stournaras hints at possible rate cuts in Europe. Interest rates rose on strong economic reports but found slight support from retail sales data. Markets remain cautious amidst mixed economic indicators and geopolitical concerns.



Read more at Nasdaq: Stocks Fall on Bearish US Economic Reports and Sharp T-note Yield Rise