S&P 500, Nasdaq fall Thursday, notch weekly losses as investors assess earnings, inflation

The S&P 500 and Nasdaq Composite fell Thursday, capping a losing week as investors digested mixed earnings results from major banks and rising inflation.

The broad-market index fell 1.21% to 4,392.59, while the Nasdaq Composite lost 2.14% to 13,351.08. Meanwhile, the Dow Jones Industrial Average lost 113.36 points, or 0.33%, to 34,451.23.

The S&P 500 is down 2.13% for the four-day holiday week. The Nasdaq Composite is off 2.63%, and the Dow is down 0.78% for the week. Trading is closed at the NYSE on Friday.

The market's moves came as inflation took center stage in investors' minds this week. Treasury yields climbed higher, and two back-to-back U.S. inflation reports showed sharply rising prices. On Thursday, the benchmark 10-year U.S. Treasury yield rose back to multiyear highs, climbing 13 basis points to top 2.8%.

"What's happening with yields directly impacts stocks at this stage of the game, because it's just one more of so many other negative data points, or bearish data points, that investors have to deal with," said Adam Sarhan, founder and CEO at 50 Park Investments.

Keywaylock
22/11/2022
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