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Stocks are tumbling with the Dow losing more than 700 points in afternoon trading

Risk assets fall as Treasury yields rise

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Benzinga Insights
·3 min read
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Movers Indices

• S&P 500 ETF (NYSE:SPY) fell 0.53% to $313.13.

• Nasdaq ETF (NASDAQ:QQQ) decreased 1.03% to $255.87.

• Dow Jones Industrial Average ETF (NYSE:DIA) decreased 0.23% to $260.52.

• FTSE/Xinhua China 25 ETF (NYSE:FXI) decreased 1.82% to $43.26.

• FTSE Europe ETF (NYSE:VGK) rose 0.04% to $51.42.

Commodities

• United States Oil ETF (NYSE:USO) decreased 1.05% to $28.21.

• Gold ETF (NYSE:GLD) fell 0.30% to $168.89.

Bonds

• 20+ Yr Treasury Bond ETF (NASDAQ:TLT) increased 0.65% to $167.96.

Industries

• Retail ETF (NYSE:XRT) rose 0.02% to $43.08.

• Energy (NYSE:XLE) fell 0.68% to $35.11.

• Technology (NYSE:XLK) fell 0.92% to $104.88.

• Financial (NYSE:XLF) fell 0.34% to $23.49.

Stocks Higher

• Tesla (NASDAQ:TSLA) increased 5.34% to $1577.10.

• BioNTech (NASDAQ:BNTX) increased 7.22% to $83.40.

• Rigel Pharmaceuticals (NASDAQ:RIGL) rose 120.37% to $4.76.

Stocks Lower

• Adobe (NASDAQ:ADBE) decreased 1.94% to $433.89.

• Wells Fargo (NYSE:WFC) decreased 6.44% to $23.79.

• Equillium (NASDAQ:EQ) fell 34.95% to $17.24.

Top News

• Rigel Pharma Shares Halted On Circuit Breaker, Up 120%; Expect Shares To Resume Around 9:46:38 a.m. EDT https://www.benzinga.com/node/16615953

• Artelo Biosciences Reports Q3 EPS $(0.27) Down From $(0.17) Q3 2019 https://www.benzinga.com/node/16615865

• Inovio Pharmaceuticals shares are trading higher after a Trump Health official announced drugmakers with start coronavirus vaccine production by the end of summer. https://www.benzinga.com/node/16615896

• JMP Securities Reinstates Market Outperform on LGI Homes, Announces $120 Price Target https://www.benzinga.com/node/16615945

• Boeing shares are trading higher after the company announced it has signed a $1.2 billion deal with the Air Force for F-15EX combat jets. NOTE: Shares have reversed since then. https://www.benzinga.com/node/16613441

Upcoming Earnings

• America Movil (NYSE:AMX) is expected to release earnings for Q2. In the same quarter last year, they reported an earnings per share of $0.22 and revenue of $12,504,000,000. Analysts expect the revenue to be around $10,390,000,000 and the earnings per share at $0.32.

Earnings Recap

• Citigroup (NYSE:C) released earnings for Q2, higher than analyst estimates. They reported an EPS of $0.51, and revenue of 19,766,000,000.In the same quarter last year, they reported an earnings per share of $1.95 and revenue of $18,758,000,000.

• Wells Fargo (NYSE:WFC) reported earnings today for Q2, lower than consensus estimates. They reported an earnings per share of -$0.66, and sales of 17,836,000,000. Last year, for the same quarter, they reported an EPS of $1.3 and revenue of $21,584,000,000.

• Delta Air Lines (NYSE:DAL) released earnings for Q2, lower than analyst estimates. They reported an EPS of -$4.43, and revenue of 1,468,000,000.In the same quarter last year, they reported an earnings per share of $2.35 and revenue of $12,536,000,000.

• JPMorgan Chase (NYSE:JPM) reported earnings today for Q2, better than consensus estimates. They reported an earnings per share of $1.38, and sales of 33,817,000,000. Last year, for the same quarter, they reported an EPS of $2.59 and revenue of $29,566,000,000.

See more from Benzinga

© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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  • 10-year Treasury yield jumps above 1.50% Thursday afternoon after Powell refers to inflation's rise as transitory

    U.S. Treasury yields Thursday after Federal Reserve Chairman Jerome Powell said he was monitoring the rise in bond yields and that he would be concerned if financial conditions did tighten. "I would be concerned by disorderly conditions in markets or persistent tightening in financial conditions that threatens the achievement of our goals," Powell said during a webinar hosted by The Wall Street Journal. The 10-year Treasury note yield climbed 7.1 basis points to 1.541%. Bond prices fall as yields rise. Many investors had said that if Powell didn't offer more explicit pushback on higher government bond rates, it could fuel Treasury market weakness. Powell stressed again that the Fed would be "patient" with higher inflation expected this year, saying it was likely to be a "one time" effect and not price gains that continue year-after-year.

  • Cathie Wood’s ARKK Struggles in Early Trading After 20% Retreat

    (Bloomberg) -- The main fund from Cathie Wood’s Ark Investment Management slipped in pre-market trading on Thursday, as it struggles to stabilize following a 20% drop from its February peak.The $22.9 billion Ark Innovation ETF (ARKK) was down 0.7% as of 8:53 a.m. in New York. The ETF tumbled 6.3% on Wednesday, adding to recent losses as growth stocks such as Pinterest Inc. and Zillow Group Inc. took a beating.The decline on Thursday had been steeper, but ARKK clawed back some of the drop as futures on the Nasdaq 100 Index also erased much of an earlier decline. The underlying gauge lost almost 3% on Wednesday, with traders turning away from tech in favor of so-called value stocks that had underperformed during the pandemic.The rotation, along with higher bond yields that dim the allure of equities, is taking the shine off what had been one of the hottest investments on Wall Street. Since peaking on Feb. 12, ARKK’s price has now dropped by a fifth, the level that commonly defines a bear market.“People are worried the crowded trades will lose their momentum like they did last September” when some of the biggest tech names suffered a bout of selling, said Matt Maley, chief market strategist at Miller Tabak + Co.Yields on benchmark 10-year Treasury notes have jumped more than 50 basis points in 2021, on track for the largest quarterly increase since 2016. Consequently, it’s growing more difficult to justify sky-high valuations for highly speculative, expensive areas of the stock market.ARKK’s three largest holdings, Tesla Inc., Square Inc. and Roku Inc., have about tripled over the past year. Tesla is up close to 350%, while Square has surged about 200% and Roku is up more than 240%. They all slumped on Wednesday.In fact, all but three stocks held by ARKK fell and three suffered losses exceeding 10% on Wednesday, including Stratasys Ltd., a maker of 3D printers, and Veracyte Inc., which develops molecular tests for oncology.The fund’s tilt toward long-term growth means short-term profitability isn’t a key consideration when stocks are picked. In fact, two-thirds of its current holdings didn’t make a profit in the past year.Inflows to the fund have faltered in the past week, but there’s yet to be a mass exodus. ARKK took in more than $600 million combined in Friday and Monday trading, then lost $150 million in Tuesday’s session, the latest for which data is available.“There is growing unease in the markets and whether higher-risk asset classes can continue to climb,” said Michael Purves, chief executive officer at Tallbacken Capital Advisors. “If sentiment turns, you can see substantial outflows.”(Updates for Thursday’s pre-market moves.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2021 Bloomberg L.P.