Stocks closed lower for the first time this week on Thursday, dragged down by the tech sector. Commodities held near multi-year highs, and inflation jitters pushed bonds lower.
Dow Jones Industrial Average: 24,657.39 −90.68 (-0.37%)
S&P 500: 2,696.08 −12.56 (-0.46%)
AUD/USD: 0.7732 -0.0053 (-0.68%)
ASX 200 SPI futures: 5,852.5 -10.0 (-0.17%)
- Tech stocks sank on concerns about slowing global demand for smartphones. The Nasdaq 100 was down as much as 1.20% at session lows.
- Commodities continued to rally. Supply concerns have sent prices of oil, aluminum and nickel soaring to multi-year highs.
- US government bond yields rose amid creeping inflation worries. The 10-year Treasury yield climbed above 2.90% on the back of rallying commodities, new Philly Fed data showing a spike in the prices paid index, and news that weekly jobless claims edged lower.
- Members of NAFTA still have their sights set on an early deal. The US, Mexico, and Canada are reportedly meeting to negotiate in Washington this week.
- Shares of Philip Morris International plunged more than 15%. Reports of declining cigarette volumes and slow growth put the stock on track for its worst drop in a decade.
Here’s Friday’s economic calendar:
- NAFTA negotiations continue in Washington.
- Spring IMF meetings carry on.
- Canada will release monthly inflation data.