Stocks reversed their midday gains on Thursday, as investors mulled over a less-than-stellar earnings report from Tesla (TSLA), as well as surging bond yields. The 10-year Treasury yield hit a high of 4.222%, a level not seen since 2008. Upbeat reports from the likes of IBM (IBM) and AT&T (T) kept some of the market's losses in check, but by the end of the day, the Dow had dropped 90 points, while the S&P 500 and Nasdaq logged choppy losses as well.
The Dow Jones Average (DJI - 30,333.59) dropped 90.2 points or 0.3% for the day. International Business Machines (IBM) led the gainers, adding 4.7%, while Home Depot (HD) paced the laggards with a 2.2% loss.
The S&P 500 Index (SPX - 3,665.78) shed 249.4 points or 0.8% for the day. Meanwhile, the Nasdaq Composite (IXIC - 10,614.84) fell 65.7 points or 0.6% for the session.
Lastly, the Cboe Volatility Index (VIX - 29.98) lost 0.8 points or 2.5% for the session.
OIL, GOLD PRICES INCH HIGHER
Oil futures saw a quiet day on Thursday. November-dated crude inched 43 cents, or 0.5% higher, to finish at $85.98 per barrel amid news that China may start easing some of its stricter Covid-19 restrictions.
Gold prices managed a slight win off yesterday's three-week lows, as some investors speculated on the possibility that the Federal Reserve's interest rate hikes have finally capped. December-dated gold added $2.60, or 0.2%, to close at $1,6346.80 an ounce.
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