US stocks faced another day of decline on Thursday, marking the third consecutive session of losses as August shapes up to be a challenging month for Wall Street.
The Dow Jones Industrial Average (^DJI) took a hit of about 0.8%, echoing the sentiment in the broader S&P 500 (^GSPC) index, which also experienced a similar drop. The Nasdaq Composite (^IXIC), heavily weighted with tech companies, fell by over 1%, extending its losses for the third consecutive day.
Simultaneously, the yield on the 10-year US Treasury settled just under the 4.3% mark, remaining at levels that have not been witnessed since the depths of the Great Recession. This surge in yields is creating a global trend, with rates reaching heights reminiscent of the financial crisis era.
Notably, healthcare stocks took a severe blow in response to a report indicating that Blue Shield of California is seeking to reduce its reliance on CVS (CVS) for pharmacy services, favoring Amazon and Mark Cuban’s drug firm instead. CVS stock plummeted more than 8%, reflecting investor concerns over this potential shift.
Conversely, the Federal Reserve’s stance on interest rates has once again captured market attention. In the wake of the release of minutes from the central bank’s recent policy meeting, it is evident that the committee remains committed to curbing inflation and is not ruling out the possibility of additional rate hikes in September. This apprehension led to red figures in the stock market on Wednesday.
Walmart (WMT) took center stage in terms of earnings, rounding off a week with a focus on the retail sector. The company reported robust quarterly results, with both sales and foot traffic showing an increase in its stores. This uptick comes as Americans continue to seek bargains and discounts. Despite this positive performance, Walmart’s stock dipped by over 2% on Thursday.
Economic data took the spotlight on Thursday as well, with weekly unemployment claims dropping. This report indicates that the labor market remains resilient, providing a glimmer of hope amid the broader market
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