Stocks close lower for a fourth day, Nasdaq sheds 1.7% as October jobs report looms; European stocks close lower as central banks continue aggressive rate hikes
Stocks fell Thursday, declining for a fourth consecutive day after the Federal Reserve delivered another three-quarter point interest rate hike, and signaled that a pivot or rate cut won’t come anytime soon.
The Dow Jones Industrial Average slid 146.51 points, or 0.46%, to close at 32,001.25. The S&P 500 lost 1.06% to finish at 3,719.89, while the Nasdaq Composite shed 1.73% to settle at 10,342.94.
Yields spiked as traders digested the latest rate decision, putting pressure on equities. The yield on the 2-year Treasury note hit its highest level since July 2007 while the benchmark 10-year Treasury yield popped 8 basis points to 4.141%.
Elsewhere, corporate earnings season continued, with Qualcomm, Roku and Fortinet all falling on disappointing quarterly results and forward guidance. Kellogg’s shares fell nearly 9% despite a strong quarter and lift to guidance.
The pan-European Stoxx 600 provisionally closed down 1%, with autos shedding 2.5% to lead losses as most sectors slid into the red. Oil and gas was one of the few sectors to close in the green, ending up 1%.
Dutch banking and financial services company ING Group rose 8% in afternoon deals, following the launch of a share buyback plan worth 1.5 billion euros.
Meanwhile, German appliance manufacturer Rational slumped 12% after reporting its third-quarter financial results Thursday.
Source: CNBC, Investing.com