Home BusinessEconomic News Dow, S&P Slip Ahead of Job’s Report; Rivian, VinFast Stocks in Focus

Dow, S&P Slip Ahead of Job’s Report; Rivian, VinFast Stocks in Focus

by Clarence Jones

Stocks Pull Back as Investors Await Jobs and Inflation Data

On Thursday, stocks experienced a slight decline, while Treasury yields stabilized after a period of volatility. Investors are anxiously awaiting data on the jobs market, which is set to be released on Friday, as well as inflation data expected next week.

Over the past few days, bonds have been fluctuating, with the 10-year Treasury yield hitting its highest level since 2007 before subsequently declining. Stocks have followed suit, as seen by the S&P 500’s drop on Tuesday, followed by a 0.8% rise on Wednesday.

Major stock indexes experienced a downward trend, with the S&P 500 declining by 0.6% and the Dow industrials slipping by 0.5%, equivalent to a decrease of over 150 points. The Nasdaq Composite also saw a dip of 0.8%.

Treasury notes found stability, with the benchmark 10-year Treasury yield currently at 4.721%, lower than the level it reached on Wednesday.

Several electric vehicle (EV) stocks made significant moves. VinFast reported a revenue increase, leading to a rise in stock value. However, Rivian experienced a setback after announcing a $1.5 billion debt offering. Lucid, which unveiled a new vehicle, also saw a decline. Tesla, on the other hand, had a modest decrease of approximately 0.8%.

Oil prices continued their downward trajectory, as global benchmark Brent crude traded around $84 per barrel. On Wednesday, it experienced a significant 5.6% drop.

In overseas markets, stocks were mixed. The pan-continental Stoxx Europe 600 rose by 0.3%, while the Nikkei 225 in Asia climbed by 1.8%. Mainland Chinese markets remained closed for a public holiday.

As investors continue to monitor economic indicators, such as the jobs market and inflation figures, the financial landscape remains uncertain. The intersection of these data points could potentially provide insight into the direction of both stocks and Treasury yields in the coming weeks.

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