2023-10-06 11:53:00

Major indexes slip in morning trading on Wall Street

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CTV News
By The Associated Press

NEW YORK -

Stocks fell in morning trading on Wall Street Thursday as the broader market continued pulling back from a surge earlier in the week.

The S&P 500 fell 0.7% as of 10:25 a.m. Eastern. The benchmark index is still on track for a 4.8% gain this week following its best two-day rally since the spring of 2020.

The Dow Jones Industrial Average fell 217 points, or 0.7%, to 30,056 and the Nasdaq fell 0.6%.

Treasury yields gained ground and put more pressure on stocks. The yield on the 10-year Treasury, which helps set rates for mortgages and many other kinds of loans, rose to 3.82% from 3.75% late Wednesday. The yield on the two-year Treasury, which more closely tracks expectations for Federal Reserve action, rose to 4.20% from 4.14% late Monday.

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Investors were reviewing the latest data on the jobs market. More Americans filed for unemployment benefits last week, the largest number in four months, according to the U.S. government. But the labor market remains strong in the face of persistent inflation and a slowing overall U.S. economy.

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