US stocks on Thursday finished sharply lower for a third straight session as a glum August continued on Wall Street.
The blue-chip Dow Jones Industrial Average (^DJI) fell around 0.8%, while the S&P 500 (^GSPC) fell around the same amount. The tech-heavy Nasdaq Composite (^IXIC) lost more than 1% for the third consecutive day.
Meanwhile, the 10-year US Treasury yield settled just below 4.3%, staying near recent highs. Globally, yields have hit highs not seen since the depths of the Great Recession.
Healthcare stocks, most notably CVS (CVS), were slammed by a report that the insurer Blue Shield of California looked to cut its reliance on CVS for its pharmacy services and instead turn more to Amazon and Mark Cuban’s drug firm. CVS stock finished down more than 8%.
Meanwhile, concerns over the Fed’s path on interest rates have returned to markets. Stocks ended firmly in the red Wednesday after the release of minutes from the Federal Reserve’s latest policy meeting suggested the committee remains focused on reining in inflation and won’t rule out further hikes in September.
On the earnings front, Walmart (WMT) took center stage to end a retail-heavy week. The retailer posted a strong quarter that saw sales and foot traffic increase at its stores as Americans continue to look for discounts. Nevertheless, its stock was down more than 2% Thursday.
The economic data highlight Thursday came in the form of weekly unemployment claims, which fell last week, showing continued resilience in the labor market.
