Day Traders Diary
The major averages fell for a third straight session as interest rates move higher once again. The Dow Jones Industrial Averaged dropped 290 points or 0.84%. Today was the first time the 30-stock Dow closed below the 50-day moving average since June 1, a potential warning sign of a downtrend. The S&P 500fell 33 points or 0.77%. The Nasdaq Composite fell 157 points or 1.17%.
The 10-year U.S. Treasury yield reached its highest point since October 2022 on Thursday. Rates are continuing to run higher after the Federal Reserve's July meeting minutes, released Wednesday, showed the central bank remains concerned about upside risk to inflation.
Walmart fell 2% even after better than expected earnings and revenue. The company also raised its full-year guidance and underscored strength in grocery and online sales. Computer networking company Cisco Systems gained 3% on a better-than-expected quarterly earnings report.
Stocks have been suffering through a rocky August, with the major averages headed toward another losing week and in negative territory for the month. The broad market index is down more than 4% in August.
Jobless claims for the week ended Aug. 12 fell from the previous period and came in slightly under the Dow Jones estimate. The Philadelphia Federal Reserve also reported an uptick in its manufacturing index in August.
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