Stock market today
A lower close for the US stock market today. All major indices fell. Small-cap stocks underperformed.
S&P 500: 3,913.97,-17.36(-0.44%)
Dow 30: 31,493.34,-119.68(-0.38%)
Russell 2000: 2,218.39,-37.72(-1.67%)
Stock market news
“Stocks fell on Thursday after a new report on the U.S. labor market sharply disappointed, ending a streak of better-than-expected economic data and underscoring the incomplete economic recovery still taking place amid the ongoing pandemic.
The Dow fell more than 100 points, or 0.4%, to drop for the first time in four sessions. Component company Walmart was the laggard in the index, and shares slid after the retail giant posted disappointing fourth-quarter earnings. The Nasdaq underperformed for another session, dipping by about 0.7% as tech stocks gave back more gains and a rotation into cyclical stocks extended further. Treasury yields ticked lower, and the benchmark 10-year yield hovered just below the one-year high of 1.31% after a rapid run-up this week.
The drop in U.S. equities came after the Labor Department’s weekly report showed initial jobless claims unexpectedly jumped to a one-month high last week, as the U.S. labor market recovery stagnated. But new jobless claims data aside, an increasing number of economic and earnings data have pointed to a strong recovery coming out of the pandemic, even with the national vaccination program still under way. Retail sales surged by the most in seven months in January, handily exceeding expectations as government stimulus lifted consumer spending at the start of the year. And on the monetary policy side, the Federal Reserve’s latest meeting minutes suggested the central bank would maintain its aggressive asset purchase program and low interest rate policies to support the economy coming out of the pandemic.
“What has happened is that these cyclical rotations continue to be supported by, obviously the stimulus program that put the consumer at the front end of what may come down the road,” Omar Aguilar, Charles Schwab investment manager, told Yahoo Finance. “And therefore it’s not surprising that you actually see higher yields in Treasuries, and you actually see risky assets being in high demand.”
Trending stocks today, stocks that moved.
Walmart Inc. (WMT): 137.66-9.54 (-6.48%)
GameStop Corp. (GME): 40.69-5.25 (-11.43%)
Palantir Technologies Inc. (PLTR): 25.17-1.91 (-7.05%)
All stock prices, stock quotes as of the close of the US stock market today.