Stocks moved lower on Thursday, giving up their sharp gains from earlier in the session, as Wall Street continues to struggle this year in a rising interest rate environment.
The Dow Jones Industrials dropped 313.26 points to 34,715.39.
The S&P 500 sank 50.03 points, or 1.1%, to 4,482.73.
The NASDAQ swooned 186.23 points, or 1.3%, to 14,154.02.
For the week, the Dow is down about 1.2%. The S&P 500 has lost 1.4% since Monday. The NASDAQ is the biggest loser, down 1.8% this week.
Peloton tanked 20% on news it is temporarily halting production of its connected fitness products as consumer demand wanes
Technology stocks, like Zoom Video and Tesla, led markets higher for most of the day on Thursday. However, many lost steam towards the
end of the session. Netflix dipped before its quarterly earnings slated for after the bell.
Several earnings reports moved stocks on Thursday. Dow component Travelers posted beats on the top and bottom lines while American Airlines also beat estimates but lowered guidance. Travelers rose 4%.
United Airlines shares fell 1% after the company reported its quarterly results and warned that omicron has dented bookings and will delay its pandemic recovery.
Unemployment data on Thursday signaled the surge in omicron could be hurting the recovery.
Jobless claims for the week ended Jan. 15 totaled 286,000 for the week, their highest level since October. The read was well above the Dow Jones estimate of 225,000 and a substantial gain from the previous week’s 231,000.
Prices for 10-year Treasurys gained strength, lowering yields to 1.82% from Wednesday’s 1.86%. Treasury prices and yields move in opposite directions.
Oil prices dwindled 67 cents to $86.29 U.S. a barrel.
Gold prices retreated $4.30 to $1,838.90 U.S. an ounce.