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US stocks fell as the Dow Jones Industrial Average snapped its 13-day streak on Thursday.
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Treasury yields shot up after second-quarter GDP growth beat expectations.
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The 10-year yield popped back above 4% as Wall Street sees the Fed keeping rates high.
US stocks dropped on Thursday, and the Dow Jones Industrial Average closed in the red to snap its historic 13-day winning streak.
The 30-company index slid more than 200 points, reversing course from earlier gains in the day that would have matched the longest winning streak in 126 years. Blue chips were weighed down by Honeywell, which sank after reporting mixed earnings. Among other Dow components, JPMorgan fell after regulators unveiled steeper bank capital rules, and Microsoft slipped after the EU opened an antitrust probe.
Treasury yields shot up after second-quarter GDP growth of 2.4% beat expectations. The 10-year yield popped back above 4% as Wall Street sees the Federal Reserve keeping rates high. While Wednesday’s rate hike is seen as the last of the tightening cycle, the unexpectedly strong economic growth could delay when rates start coming down.
Meanwhile, Meta Platforms stock jumped after reporting strong earnings and CEO Mark Zuckerberg talked up the potential of its Twitter competitor, Threads.
Here’s where US indexes stood as the market closed 4:00 p.m. on Thursday:
Here’s what else is going on:
In commodities, bonds, and crypto:
Read the original article on Business Insider