Market Snapshot: U.S. stocks pare losses as rising bond yields weigh on ‘Magnificent 7’ stocks

by | Aug 17, 2023 | Stock Market

U.S. stocks slide further on Thursday afternoon, extending earlier losses to trade at session lows after rising bond yields spurred weakness in some of the so-called Magnificent Seven megacap technology stocks.How are stocks trading
The S&P 500
was down 18 points, or 0.4%, to 4,382

The Dow Jones Industrial Average
dropped 198 points, or 0.6%, to 34,567.

The Nasdaq Composite
fell by 114 points, or 0.8%, to 13,361.

The Dow and S&P 500 were on track to extend a losing streak to a third straight session as major indexes headed for another week in the red. The S&P 500 hasn’t fallen for three weeks in a row since February, FactSet data show.

What’s driving markets Bonds have resumed command of the stock market of late as higher yields undermine the value of megacap technology stocks, the undisputed market leaders. U.S. stocks extended losses to trade sharply …

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