U.S. stocks pared heavy losses Thursday in the final hour of a volatile session as the major averages looked to recover from their biggest August percentage declines since 2015.
The Dow Jones Industrial Average jumped 150 points after a nearly 300-point plunge, and the S&P 500 climbed 0.3%, clawing back from a loss of more than 1%. The Nasdaq was an outlier, capping the day down 0.3% but well off session lows of nearly 2%.
Meanwhile, the benchmark U.S. 10-year Treasury yield reached 3.267%, its highest level since June as investors brace for more aggressive interest rate hikes from the Federal Reserve later this month.
A volatile start to September comes on the heels of four straight sessions of selling amid renewed fears of restrictive monetary policy and a potential recession.
In August, the benchmark S&P 500 fell 4.2%, the Dow was down 4.1%, and the Nasdaq posted a monthly loss of 4.6%.
“A soft landing looks pretty unlikely,” Wells Fargo Head of Macro Strategy Mike Schumacher told Yahoo Finance Live. “A lot of things would have to go incredibly well — you’d have to have the energy situation ease, which is shy of a miracle at this point, COVID probably has to be pretty moderate if you think about a surge this fall or this winter.”
Nvidia shares (NVDA) were among Thursday’s biggest movers, falling nearly 8% after the chipmaker said U.S. officials ordered the company to halt sales to China of two of its top computing chips used for artificial intelligence. Nvidia may lose an estimated $400 million in potential sales in China as a result of the restriction.
In commodities, oil prices extended their fall lower as worries of demand destruction persist. West Texas Intermediate crude oil fell more than 2.5% to as low as $87.21.
The moves in crude oil futures come after the commodity logged its third straight monthly decline – the longest losing streak in more than two years. WTI crude sank more than 9% in August, its biggest monthly decline since November.
On the economic data front Thursday morning, jobless claims fell for a third week to the lowest reading in two months. First-time unemployment insurance filings fell unexpectedly to 232,000 in the week ended August 27. Economists surveyed by Bloomberg expected claims to come in at 248,000.
Meanwhile, the Commerce Department reported Thursday that spending on new construction projects fell 0.4% in July, on par with economist estimates. Spending in June fell a revised 0.5% compared to the heftier prior estimate of a 1.1% drop.
The main event of the week is the Labor Department’s official report for August, set for release at 8:30 a.m. ET Friday morning. Nonfarm payrolls likely rose by 300,000 in August, according to data from Bloomberg.
—
Alexandra Semenova is a reporter for Yahoo Finance. Follow her on Twitter @alexandraandnyc
Click here for the latest trending stock tickers of the Yahoo Finance platform
Click here for the latest stock market news and in-depth analysis, including events that move stocks
Read the latest financial and business news from Yahoo Finance
Download the Yahoo Finance app for Apple or Android
Follow Yahoo Finance on Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube
Related Quotes
Bill Gates looks for income, too. This is how he gets it.
Among six high-profile stock splits — Alphabet, Amazon, Tesla, Shopify, DexCom, and Palo Alto Networks — is a clear-cut bargain, as well as a company with serious red flags.
‘Rich Dad Poor Dad’ sees a window to get rich. He might be right.
Feeling bearish? Take shelter — and income.
Nio (NYSE: NIO) is a leading player in China's electric vehicle (EV) market and has sometimes been referred to as the "Chinese Tesla." Should investors treat Nio's big valuation pullback as an opportunity to build a position in the stock, or is the EV company's share price still too high to generate strong returns? Howard Smith: Nio's recently released quarterly earnings report provided a good lesson for investors wanting to log big returns on more speculative, high-growth companies.
In today's volatile market, there's a lot to be said for seeking out boring businesses at cheap prices.
Tough times ahead. But you don't need to sell it all.
There's a bond that pays a 9.62% interest rate and is guaranteed by the U.S. Treasury. Investors should keep some limitations and conditions in mind before investing, but as inflation has topped 8% since March 2022, this could be an … Continue reading → The post Want 9.62% Yield Guaranteed? Seriously, Try This Asset appeared first on SmartAsset Blog.
See how to gauge demand and strength in Apple, Nasdaq and other stocks on the latest list of new buys by the best mutual funds.
Oil prices have been all over the map this year. Oil's next step is anyone's guess. Three oil companies that our energy contributors think look like no-brainer investments in the current environment are TotalEnergies (NYSE: TTE), Chevron (NYSE: CVX), and ExxonMobil (NYSE: XOM).
Investors today can take advantage of buying opportunities in the tech sector that were almost unimaginable just a year ago.
Stock splits have been a hot topic this year. Amid the market downturn fueled by economic uncertainty, investors are desperate for good news, and forward stock splits have bullish implications. Building on that, Cowen & Co. analyst John Blackledge raised his price target on Amazon (NASDAQ: AMZN) to $215 in late July, roughly two months after the company completed a 20-for-1 stock split.
These fast-paced companies have the innovative capacity to make you a millionaire over the next seven years.
In this article, we discuss the 15 biggest energy companies in the US. If you want to skip our detailed analysis of these stocks, go directly to the 5 Biggest Energy Companies in the US. It’s been a turbulent past 2 years for many energy companies. In 2020, energy prices plunged as economies crashed due […]
Building an excellent stock portfolio is a lot like making a fantastic meal. If I only had three stocks to choose from and $50,000 to invest, the following would be my top three stocks to buy: Amazon (NASDAQ: AMZN), Lululemon (NASDAQ: LULU), and Chevron (NYSE: CVX). The first two are growth plays and Chevron adds value to the portfolio.
The stock market rally is reviving, but is even stronger than the major indexes suggest. Tesla is among stocks in buy areas.
During tricky market conditions, it can be helpful to follow professional investors who are focused on the long term.
Warren Buffett's Berkshire Hathaway disclosed its Occidental Petroleum stake has risen to 26.8%. OXY stock rose slightly late Friday.
Using technical analysis of the charts of those stocks, and, when appropriate, recent actions and grades from TheStreet's Quant Ratings, we zero in on three names. While we will not be weighing in with fundamental analysis, we hope this piece will give investors interested in stocks on the way down a good starting point to do further homework on the names. Ciena Corp. recently was downgraded to Hold with a C rating by TheStreet's Quant Ratings.
Many dividend stocks can be boring. Twenty-five years or more of consecutive dividend increases doesn't automatically make a stock a great pick. Here are three Dividend Aristocrats set to win big from unstoppable trends.
