Stock market news today: Stocks slide, snapping longest win streak since 2021, as yields jump
Wall Street stocks slid on Thursday as bond yields rallied following a disappointing Treasury auction for investors and Fed Chair Jerome Powell's hawkish-toned speech on inflation.
The S&P 500 (^GSPC) fell 0.8% after the benchmark narrowly notched its eighth straight day of gains on Wednesday — the index's longest in two years. The Dow Jones Industrial Average (^DJI) fell about 0.6% and the Nasdaq Composite (^IXIC) also slipped near 0.9%.
Yields spiked after the 1 p.m. ET auction. The 10-year Treasury yield (^TNX) spiked to 4.62%, about 10 basis points. Meanwhile, the 30-year Treasury yield (^TYX) spiked to 4.8%, about 15 basis points.
Read more: What the Fed rate-hike pause means for bank accounts, CDs, loans, and credit cards
A fresh clutch of corporate reports lies ahead as earnings season winds down. Disney (DIS) shares rose after its after-hours quarterly earnings beat estimates, though they were also likely boosted by a tentative deal between Hollywood studios and striking actors. Other media stocks rallied after the news.
Meanwhile, shares in Arm (ARM) slid as investors digested its first post-IPO results, as well as the $6.2 billion quarterly loss posted by the chip designer's backer SoftBank.
In commodities, oil clawed back some losses after plunging to a three-month low on concerns about global consumption. West Texas Intermediate crude futures (CL=F) and Brent crude futures (BZ=F) added about 0.3% to trade at around $75 and almost $80 a barrel, respectively.
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