- US stocks dipped Thursday, continuing a brutal sell-off during the month of September.
- The latest drop came as US bond yields rose further, hitting fresh 16-year highs.
US stocks moved lower on Thursday, continuing a brutal sell-off during the month of September, as bond yields climbed.
As of Wednesday's close, the S&P 500 has dropped 5% for the month to date, the Dow Jones Industrial Average lost 3%, and the Nasdaq has tumbled 6%.
The US 10-year Treasury yield moved higher to hit its highest point since 2007, hovering around 4.64% as the trading session began.
The Labor Department announced initial jobless claims ticked up to 204,000 for the week ending September 23, below the estimated 214,000. Continuing claims climbed to 1.67 million, below the 1.675 million estimated, per FactSet.
Meanwhile, revised figures for gross domestic product showed second-quarter growth increased 2.1% at an annualized pace, the Commerce Department said Thursday. That was unchanged from the prior reading.
Here's where US indexes stood as the market opened 9:30 a.m. on Thursday:
- S&P 500: 4,269.95, down 0.11%
- Dow Jones Industrial Average: 33,543.60, down 0.02% (6.67 points)
- Nasdaq Composite: 13,037.98, down 0.42%
Here's what else is going on:
- Warren Buffett's Berkshire Hathaway dumped $400 million of HP stock in under three weeks.
- Russia is using China's yuan to settle 25% of its trade with the rest of the world, a report said.
- The stock market is showing cracks - and even the "Magnificent 7" aren't safe from a recession, Morgan Stanley said.
- A "litmus test" for a looming recession could come next quarter, according to an economist who's been predicting a downturn for 18 months.
In commodities, bonds, and crypto:
- Oil prices slipped, with West Texas Intermediate down 0.54% to $93.18 a barrel. Brent crude, the international benchmark, inched lower 0.57% to $96.00 a barrel.
- Gold edged higher 0.14% to $1,893.00 per ounce.
- The 10-year yield moved up 1.7 basis points to 4.64%.
- Bitcoin climbed 0.93% to $26,507.