October 6, 2022

DS Duke

Global Business In World

NASDAQ Pitches Lower for 3rd Straight Day

2 min read
Stocks fell on Thursday to end a day of choppy trading that following the massive...

Stocks fell on Thursday to end a day of choppy trading that following the massive tech selloff in the previous session.

The Dow Jones Industrials plummeted 170.64 points to 36,236.47.

The S&P 500 index folded 4.53 points to 4,686.05.

The NASDAQ docked 19.31 points at 15,080.87. The NASDAQ fell about 4% over the previous two trading sessions.

Several tech stocks continued their slide, as investors rotated out of high valuation names. Tesla and Netflix fell more than 2% each. In megacap tech, Apple lost 1.6%. Amazon fell 0.6%, and Alphabet dipped less than 0.1%. Meta Platforms gained 2.5%, however.

Regional banks Fifth Third and Regions rose more than 4%. Shares of Citi rose 3.2%, and Wells Fargo and Bank of America both added more than 2%.

Energy shares helped boost the market as crude prices rose. Diamondback Energy climbed 4.6%, Devon Energy added 3.7%, and Occidental gained nearly 3%.

Elsewhere Thursday, shares of Allbirds soared by 12.2% after Morgan Stanley upgraded the shoe brand, whose stock has struggled since it went public in November.

Shares of Walgreens Boots Alliance reversed earlier gains from a strong earnings report and closed down 2.8%. Meanwhile, Bed Bath & Beyond shares soared 7.9% even after the company reported a loss for its fiscal third quarter.

Initial claims for unemployment insurance ticked up to 207,000 for the week ending Jan.1, the U.S. Labor Department reported Thursday. Economists surveyed by Dow Jones expect claims would total 195,000. The all-important non-farm payroll numbers are due for release Friday.

Prices for 10-year Treasurys eased back, raising yields to 1.73% from Wednesday’s 1.70%. Treasury prices and yields move in opposite directions.

Oil prices gained $1.63 to $79.48 U.S. a barrel.

Gold prices plunged $37.30 to $1,787.90 U.S. an ounce.

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