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Stock Market Today: Dow Falls More Than 450 Points; Meta Stock Gains After Threads Launch - The Wall Street Journal

Government-bond prices fell after data from payroll-services firm ADP indicated the U.S. private sector added more jobs in June than expected. The two-year yield rose above 5%, while the 10-year topped 4%, the highest levels since March.

The Institute for Supply Management said Thursday that its index of services activity rose to 53.9 in June from 50.3 in May, fueling fears of higher-for-longer interest rates.

The moves mean that investors will be watching June's jobs report from the Labor Department, due Friday, even more carefully than normal.

U.S. stocks fell. The S&P 500, Dow industrials and Nasdaq Composite all dropped, with the blue-chip Dow off 1.1%, or 366 points.

All 11 S&P 500 sectors turned lower. The communications services sector was off roughly 1%; it includes Meta Platforms, which wavered in Thursday trading after launching Threads, a Twitter competitor.

The PHLX Semiconductor Sector Index, one of the year's better performers, fell more than 1%.

Oil prices fell. Brent-crude futures slipped 0.2% to $76.52 a barrel. Traders are weighing the effects of output cuts by major producers, higher interest rates and geopolitical uncertainty, including recent alleged attempts by Iran to seize tankers.

Overseas markets dropped. The Stoxx Europe 600 fell by more than 2%, with travel, leisure and real-estate stocks weighing on the index. Asian markets were hard-hit. Japan’s Nikkei 225 fell 1.7%, while Hong Kong’s Hang Seng lost 3%.

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