Stock market today: Dow, S&P 500, Nasdaq pare losses amidst inflation, ongoing turbulence in the bond market, and a softening of the artificial intelligence trade.
The Dow Jones Industrial Average (^DJI) and the tech-focused Nasdaq Composite (^IXIC) both dipped 0.2%, while the S&P 500 (^GSPC) stabilized near the break-even point after recovering from earlier declines.
The 10-year Treasury yield (^TNX) retreated after reaching 5.3% earlier on Thursday, marking a new multi-decade high. The bond market recently endured its most difficult quarter in decades.
(^DJI)
Equities retreated on Thursday following two new reports on manufacturing activity that underscored rising price pressures within the US throughout September.
Shares of Micron (MU) remained largely unchanged after the memory manufacturer posted fourth-quarter earnings that surpassed Wall Street projections and provided an improved outlook for the first quarter.
Markets concluded both the third quarter and the historically sluggish month of September on Wednesday. The Dow recorded losses for both periods as US bond yields experienced their most significant movement since
Initial jobless claims declined for the fourth consecutive week, serving as further evidence that the labor market remains generally resilient. A report on planned layoffs from Challenger, Gray & Christmas, published Thursday morning, also indicated that layoff announcements fell in September, even as companies remain cautious regarding new hiring.
