(MarketWatch) — U.S. stocks finished mostly higher Thursday, led by technology shares, after a jump in bond yields in response to inflation data on Wednesday took the market down, but the S&P 500 still looks on track for its first loss in six weeks.
The S&P 500 and Nasdaq recovered partially from two days of falls as chipmakers led gains, but losses in Walt Disney due to slowing subscriber growth in its streaming video service weighed on the Dow.
Stocks staged a modest recovery on Thursday after Wednesday’s tumble, sparked by a jump in Treasury yields in the wake of data showing annual inflation climbed 6.2%, a more-than-three-decade high. The data ignited fears the Federal Reserve may have to act faster and more aggressively to rein in inflation, with investors fleeing into gold, the dollar and cryptocurrencies.
However, tech names recovered some ground Thursday with Nvidia AMD Alphabet and Facebook gaining, with the Treasury market closed in observance of Veterans Day which also meant no economic data was published.
Major stock indexes remain near all-time highs after a third-quarter earnings season that saw companies preserve profit margins in the face of rising input costs. Rising inflation pressures are blamed in part on supply bottlenecks exacerbated by surging demand for goods following the pandemic-induced global economic shutdown.
A sharp fall for shares of Walt Disney Co. weighed on the Dow on Thursday. Shares of the entertainment conglomerate were down after it disappointed on theme park revenue and subscriber numbers for its Disney+ streaming service.
- Tesla Inc. shares rose after Securities and Exchange Commission fillings on Wednesday afternoon showed CEO Elon Musk sold more than 4.5 million shares of the electric-vehicle maker for close to $5 billion.
- Shares of electric-truck maker Rivian Automotive Inc. jumped, building on a 29% jump Wednesday in its trading debut, which marked the largest initial public offering of 2021.
- Beyond Meat Inc. shares tumbled after a weak quarter and poor outlook from the plant-based burger maker.
- Lordstown Motors Corp. shares rallied after the electric-vehicle maker announced a $230 million deal to sell its plant to Foxconn.
- SoFi Technologies Inc. stock climbed after the financial-technology company’s better-than-expected earnings, strong member growth and product uptake numbers.
- The U.S. benchmark crude contract rose 0.3% to settle at $81.59 a barrel.
- Gold futures climbed 0.9%, to settle at $1,863.90 an ounce.
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