U.S. stocks sold off on Thursday as Treasury yields climbed again after a decline the prior session, with the Dow shedding hundreds of points as a Treasury plan to subdue yields failed to take hold.
Key facts
- U.S. stocks fell on Thursday, according to CNBC.
- Treasury yields reversed course from the decline seen in the prior trading day.
- A Treasury plan intended to tamp down yields failed.
- The Dow's losses deepened through the session, with CNBC reporting the index down as much as 700 points.
- The S&P 500 had snapped a three-session losing streak earlier in the day.
U.S. stocks fell on Thursday as Treasury yields reversed course from the decline seen in the prior trading day, according to CNBC. The move came after a Treasury plan aimed at tamping down yields failed to keep them in check.
The Dow Jones Industrial Average bore the brunt of the selling, with CNBC’s live coverage tracking losses that steadily deepened over the course of the session. Early updates noted the Dow down around 400 to 500 points, before later reports pointed to declines of 600 and, at one stage, roughly 700 points.
The S&P 500 also declined. CNBC noted that the broad index had snapped a three-session losing streak earlier in the day before the market turned lower alongside the renewed climb in yields.
At the center of the moves was the reversal in Treasury yields. After falling in the prior trading day, yields headed higher again on Thursday, and CNBC reported that a Treasury plan designed to subdue them did not succeed in holding them down.
Shares of Walmart featured prominently in CNBC’s coverage of the sell-off, with the retailer cited among the notable decliners as the broader market weakened.
CNBC’s reporting on the session was delivered through rolling live updates, with headline figures for the Dow’s decline shifting through the afternoon as losses in stocks increased.
Why it matters
Treasury yields influence borrowing costs across the economy, from mortgages to corporate debt, so a failed effort to keep them down can ripple far beyond Wall Street. Sharp equity declines like Thursday's affect retirement accounts and investor confidence, making the direction of yields a closely watched signal for households and businesses alike.
Frequently asked questions
Why did U.S. stocks fall on Thursday?
According to CNBC, stocks fell as Treasury yields reversed course from the decline seen in the prior trading day, and a Treasury plan intended to tamp down yields failed.
How much did the Dow drop?
CNBC's live updates tracked the Dow's losses deepening through the session, with headline figures ranging from around 400 and 500 points earlier to 600 and as much as 700 points later in the day.
How did the S&P 500 perform?
CNBC reported that the S&P 500 fell on Thursday after having snapped a three-session losing streak earlier in the day.