Stocks slipped Thursday as the clamps tightened on Wall Street from rising yields in the bond market and new inflation news:
- The S&P 500 fell 27 points, or 0.6%, to 4,349, breaking a four-day win streak, per the AP.
- The Dow fell 173 points, or 0.5%, to 33,631.
- The Nasdaq fell 85 points, or 0.6%, to 13,574.
A weak auction for long-term Treasury bonds drove yields up across the bond market. Yields had already been climbing following a report showing inflation was a touch higher last month than expected. Higher yields can knock down stock prices. Oil prices, meanwhile, eased after zigzagging through the day, but the volatility took a toll. Higher oil prices add costs across the economy, and airlines are particularly hurt because fuel is one of their biggest expenses. Delta Air Lines fell 2.3% lower despite reporting stronger profit for the summer than analysts expected. It also said it's seeing encouraging trends for bookings going into the holiday season.
It's at the head of a reporting season for S&P 500 companies that could mark a return to profit growth following three straight quarters of declines. Several financial giants will report on Friday, including Citigroup, JPMorgan Chase, and Wells Fargo, along with UnitedHealth Group. Ford Motor slumped 1.9% after the United Auto Workers union significantly escalated its walkout against Detroit automakers. In a surprise move, 8,700 workers left their jobs at a Ford truck plant in Louisville, Kentucky.
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