Major U.S. stock indexes closed lower on Thursday, pausing a powerful rally sparked a day earlier by falling bond yields and encouraging signs on the inflation front.
The Dow Jones Industrial Average fell 68.42 points, or 0.2%, ending at 43,153.13.
The S&P 500 index lost 12.57 points, or 0.2%, ending at 5,937.34.
The Nasdaq Composite Index shed 172.94 points, or 0.9%, closing at 19,338.29.
A rough patch for stocks has left the Dow up only 2.2% since the Nov. 5 election, according to Dow Jones Market Data. Its peak “Trump bump” close of 45,014.04 on Dec. 4 had the index up 6.6% from its Nov. 5 close.
Shares of Apple Inc. and Tesla Inc. both fell more than 3% Thursday, even as longer 10-year Treasury yields logged a three-session decline of nearly 20 basis points. That was its biggest such drop since Aug. 5, according to Dow Jones Market Data — with the August three-day decline coming on the heels of a drastic unwind of the Japanese yen carry trade.
The 10-year yield fell to 4.606% Thursday, retreating from its one-year high of 4.802% set on Monday. But a cautious tone remained in markets, with investors focused on what policies might be a top priority under the incoming Trump administration — and the Treasury market’s likely reaction to them.
