Stocks completed lower Thursday as they tried to claw back from the previous day’s downgrade-spurred sell-off while extremely expected profits loom later on in the day.
The S&P 500 (^GSPC) dropped 0.3%, while the Dow Jones Industrial Average (^DJI) was down 0.2%. The tech-heavy Nasdaq Composite (^IXIC) lost 0.1%.
Treasury yields rose as Wall Street continued to evaluate the fallout from scores firm Fitch’s downgrade of United States credit. The benchmark 10-year yield leapt to 4.18% Thursday.
Stocks sold on Wednesday, led by a more than 2% decrease in the Nasdaq, its worst day given that February, as traders moved far from riskier properties.
Aside from the downgrade, profits stay leading of mind for financiers, with Thursday’s centerpiece being available in the form of a one-two punch from Apple (AAPL) and Amazon (AMZN) after the bell. They will be amongst the last of the high-flying tech business to report this quarter. Both stocks are up around 50% this year.
Elsewhere on the profits docket, PayPal (PYPL) and Qualcomm (QCOM) stocks both dropped Thursday after frustrating profits after the bell on Wednesday. Moderna (MRNA) shares steadied after the business upped its COVID-19 vaccine sales projection for the fall.