Stocks extended their recent declines Thursday as a jump in bond yields weighed on the market’s appetite for risk.
Major U.S. indexes had been on a tear, with the S&P 500 ending July up almost 20% in 2023 after five consecutive months of gains. Some investors worried that left stocks vulnerable to a pullback, especially with interest rates rising and corporate earnings only expected to inch up for the year.
Now selling in the government bond market is boosting yields on longer-term Treasurys and eroding the case for stocks. The selling spread overseas, with losses today in Europe and Asia.
Stocks face another test after the close, when tech giants Amazon (AMZN) and Apple (AAPL) are due to report quarterly results.
In early afternoon trading:
The S&P 500 ticked down 0.2%, a day after the benchmark index posted its biggest loss since April. The Dow industrials were also lower, while the Nasdaq Composite was flat.
Government-bond prices fell, lifting yields. The yield on 10-year Treasury notes rose above 4.1%, after settling Wednesday at 4.077%, the highest end-of-day level since November.
Oil rose, with Brent crude above $84 a barrel and its U.S. counterpart around $81. Saudi Arabia said it is extending its oil production cut, sending crude prices higher.
Overseas stocks mostly retreated. The U.K.'s FTSE 100 and the Stoxx Europe 600 dropped, as stocks including semiconductor-maker Infineon Technologies, airline Deutsche Lufthansa and London Stock Exchange Group fell on quarterly results. Asian markets were broadly lower, but mainland Chinese stocks rose after survey data showed a pickup in services activity.
Some meme stocks continued their recent wild rides. Yellow, for one example, was up some 30% in the latest trading.
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