US stocks tumbled for the second consecutive day. On Thursday, US indices followed those in Europe and Asia lower. The S&P is down for its sixth consecutive loss as investors try to find places to invest amid concerns over interest rates and trade and signs of slowing global economic growth. The Dow Jones industrials and S&P were down 2.1 percent while Nasdaq retreated 1.25 percent. Trade concerns continue to linger.
Selling was across the board. Technology companies and retailers, including longtime market favorites Apple, Alphabet and Amazon, continued to slide. Energy companies fell with oil prices. Utilities and real estate companies sank as well. After months of declines, gold made its biggest jump in two years.
A surge in bond yields came to an end as investors who sought safety bought government bonds. The market's current decline was set off by a sharp drop in bond prices and a corresponding increase in yields last week and early this week. But the decline in yields didn't help stocks Thursday.
The drop in yields hurt banks with both JPMorgan Chase and Bank of America sinking. JPMorgan Chase and several other banks will report their third-quarter results Friday morning. Amazon dropped as did Apple. Microsoft and Alphabet, Google's parent company, held up better than the rest of the market. Facebook and Netflix tumbled.
These data reflect observations at 4:00 PM US ET. Gold was up US$33.10 to US$1,226.50. Copper futures were down 0.5 percent to US$2.77. WTI spot crude was down US$2.38 to US$70.79. Dated Brent spot crude was down US$2.93 to US$80.16. The US dollar was down against all of its major counterparts including the yen, euro, pound, Swiss franc and the Canadian and Australian dollars. The Dollar Index was down 0.45 percent. The yield on the US Treasury 30 year bond was down 8 basis points to 3.31 percent while the 10 year note was down 6 basis points to 3.14 percent.