The Dow Jones Industrial Average dropped more than 550 points Thursday as a wave of selling that began in the technology sector took down swaths of the market.
Earlier, the Nasdaq dropped 3.5% for its worst session since October as tech stocks renewed their declines. The S&P 500 sank by 2.5% for its worst day in a month. And the Dow pulled back by more than 1.5% to retreat from its record high from earlier this week.
Stocks’ momentum has faltered the past week as investors have faced a sharp and swift rise in bond yields. The yield on the benchmark 10-year Treasury note marked its biggest one-day advance since November and settled at its highest level in a year.
Stock futures steadied on Thursday after a selloff during the regular trading day.
Contracts on the Dow, Nasdaq, and S&P 500 hugged the flat line.
Shares of Airbnb (ABNB) rose more than 1% in late trading after the company reported better-than-expected sales in the fourth quarter, despite ongoing pressure on the travel industry because of the pandemic.
GameStop , the controversial meme stock whose massive short squeeze shocked Wall Street last month, gained 18.6% in volatile trading after doubling in the previous session. But shares of DoorDash (DASH), another newly public company that debuted earnings results after market close, sank more than 11%, as the food delivery company posted widening net losses.
Other gainers were stocks of Beyond Meat, which rose as much as 14.7% in volatile trading on news of deals with McDonald’s. Etsy shares popped 7.3% after the company’s latest quarterly figures easily beat analyst expectations.
Losers included Salesforce, software company’s stock slid 4.4%, Virgin Galactic pulled back by 11% with a reported fourth-quarter loss, as did the electric vehicle maker Nikola, which slipped 1.9% even after the company posted a smaller-than-expected quarterly loss.
The yield on the benchmark 10-year note jumped to a fresh one-year high of as much as 1.6% on Thursday before cutting some gains.
Meanwhile, the world’s biggest Bitcoin fund is selling off faster than the cryptocurrency itself.
The $32 billion Grayscale Bitcoin Trust has plunged 20% this week, outpacing a 13% decline in the world’s largest cryptocurrency. GBTC’s once-massive premium to its underlying holdings has evaporated as a result, with the price of GBTC closing 0.7% below its underlying holdings on Wednesday — the first discount since March 2017.
The vanishing premium suggests that after billions poured into GBTC as investors sought exposure to Bitcoin’s dizzying rally, investors are looking for the exits as the climb stalls and the cryptocurrency frenzy is cooling down.
Dow Clears 34K, Nasdaq Tops 14K as ‘apps’ is the new flavor of Wall St.
Wall St. : Stocks mixed as digital assets strive to make an impact
Nasdaq up, Dow slips amidst J&J vaccine row as SPAC is back in news
NYSE launches ‘First Trade’ NFTs of Spotify, Snowflake; aims at digi-asset creation
Stocks future down as Powell’s re-assurance falls flat ; U.S. faces vaccination hiccups
SEC is scrutinizing SPAC projections, seeks clearer disclosures
Markets show promise as Biden asked Congress for a $400 annual increase in maximum Pell grants for college students
Dow Jones up, Nasdaq rallies as Powell stresses on a more robust recovery
Stock futures rise as Cruise Line stocks trade higher
Stock futures higher after major averages close lower, S&P 500 down from record level
Business7 months ago
Airlines from US are expecting to get another aid package for $25 billion to keep business from falling
Business5 months ago
Delta hints at possible purchase of Boeing’s 737 MAX : Financial Times
Business3 months ago
5 ‘value investing’ Sin Stocks of 2021- An Investor Telegraph Exclusive .
Business5 months ago
Chinese jet ready to challenge Airbus and Boeing, C 919 in final testing stage
News6 months ago
Cuban economy has lost $144 billion due to US trade restriction
Business3 months ago
5 Chinese stocks likely to give a 40% plus return in 2021 : An Investor Telegraph Exclusive
Business4 months ago
NASDAQ posts record high as U.S. stocks gain momentum, S&P 500 closes lower
Markets9 months ago
Snap, Datadog, Crowdstrike and other stocks bounced back in the ‘Buy’ rating