Stock Market Today: Stocks Resume Slide as Treasury Yields Rise
Signs of strength in the U.S. economy did little to lift investor sentiment on Thursday.


Thursday marked another day of choppy trading for stocks as investors considered a round of data that showed the U.S. economy remained resilient even in the face of the Federal Reserve's aggressive rate-hike campaign.
Ahead of this morning's open, data from the Labor Department showed weekly jobless claims fell for a fifth straight week, underscoring strength in the labor market. Additionally, the Commerce Department said retail sales rose 0.3% month-over-month in August, beating economists' expectations for a slight decline in consumer spending.
"This [retail sales] report is not good for the Fed's goals of slower inflation," says José Torres, senior economist at Interactive Brokers. "The Fed would like to see consumers slow down their spending and debt accumulation to slow down inflation. Higher rates provide an incentive to save, not to spend, and that's part of the reason why tighter monetary policy brings down demand and inflation." As such, Torres says the market is not only expecting a 75 basis-point rate hike at next week's Fed meeting, but one at the November meeting too. (A basis point is one-one hundredth of a percentage point.)
From just $107.88 $24.99 for Kiplinger Personal Finance
Be a smarter, better informed investor.

Sign up for Kiplinger’s Free Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
By the close, the market had taken a decisive turn lower as the 10-year Treasury yield jumped 3.5 basis points to 3.447%. The tech-heavy Nasdaq Composite suffered the worst of it, slumping 1.4% to 11,552. However, the S&P 500 Index (-1.1% to 3,901) and the Dow Jones Industrial Average (-0.6% at 30,961) also ended solidly in the red.
Other news in the stock market today:
- The small-cap Russell 2000 shed 0.7% to 1,825.
- U.S. crude futures fell 3.8% to settle at $85.10 per barrel.
- Gold futures plummeted 1.9% to $1,677.30 an ounce, their lowest settlement price since April 3, 2020, according to Dow Jones Market Data.
- Bitcoin slipped 0.8% to $19,800.53. (Bitcoin trades 24 hours a day; prices reported here are as of 4 p.m.) Elsewhere, Ethereum spiraled 6.3% to $1,499.28 after the Ethereum Merge. "The merge paves the way for the world's second-largest cryptocurrency to become more energy-efficient and to operate on a 'proof-of-stake' network," says Edward Moya, senior market strategist at currency data provider OANDA. "Crypto traders are often used to 'sell the event' reactions in the cryptoverse and this Merge proved to be another example of just that."
- Adobe (ADBE) plunged 16.8% after the Creative Cloud parent said it is buying design software firm Figma in a cash-and-stock deal valued at roughly $20 billion. "This would be by far Adobe's largest-ever acquisition," says Scott Kessler, global sector lead for Technology Media and Telecommunications at Third Bridge. "About four years ago it bought Marketo for around $5 billion. Meanwhile, its closest peer and competitor in some ways, Salesforce.com (CRM), has been far more aggressive with M&A, most recently buying Slack last year in a deal valued at nearly $30 billion." ADBE also reported higher-than-expected fiscal third-quarter earnings of $3.40 per share on inline revenue of $4.4 billion.
- Netflix (NFLX) jumped 5.0% after Evercore ISI analyst Mark Mahaney upgraded the streaming stock to Outperform from Inline, the equivalents of Buy and Hold, respectively. The analyst believes NFLX's ad-supported offering and its clampdown on password sharing create "catalysts that can drive a material reacceleration of revenue growth." Mahaney adds that these catalysts are currently not priced into the stock.
Stocks Making the Most of Supply-Chain Woes
Supply-chain disruptions have been front and center for most of the pandemic and the possibility for another disturbance came back to the forefront this week as a potential railroad strike loomed. While the latest headlines suggest that the strike will be averted as both sides reach a tentative deal, the fragility of the system remains a concern for investors.
"Supply chains were built for efficiency in the past," says Tony DeSpirito, chief investment officer at BlackRock's U.S. Fundamental Active Equities. "And that meant the lowest cost, wherever it was." But COVID "underscored the need for resilience of supply chains," he adds. "And that's what we're starting to see – the trend away from globalization to onshoring or reshoring operations. It's essentially a shift from efficiency to resiliency." This shift is creating a tough short-term environment for investors, DeSpirito adds, but he reminds us that it helps to take a long-term perspective.
And over the long term, companies should benefit from a move to more reliable processes. With that in mind, we've come up with five stocks that stand to win as supply chains falter. Most of the list is made up of industrial stocks, but the tech sector makes an appearance too.
Profit and prosper with the best of Kiplinger's advice on investing, taxes, retirement, personal finance and much more. Delivered daily. Enter your email in the box and click Sign Me Up.

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at Kiplinger.com. She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at a local investment research firm. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.
-
Standard Deduction 2025 Quiz: How Much Do You Really Know?
Quiz Test your knowledge of IRS rules that impact how much money you keep in your wallet.
-
StubHub IPO: Should You Buy STUB Stock?
The highly anticipated StubHub IPO is right on our doorstep, with the online ticket marketplace expected to start trading later this month.
-
Stocks Grind Up to New All-Time Highs: Stock Market Today
UnitedHealth stock led the Dow Jones Industrial Average amid increasing signs the labor market has not been well for months.
-
Markets Prepare for August Inflation Data: Stock Market Today
Apple CEO Tim Cook is still important, but price action this week is as much about incoming inflation data ahead of next week's Fed meeting.
-
Stocks Slip as Job Growth Stalls: Stock Market Today
The August jobs report came in much weaker than expected, while the unemployment rate ticked higher.
-
Dismal August Jobs Report Offers Rate-Cut Relief: What the Experts Are Saying
The August jobs report came in much lower than expected, lifting the odds that several rate cuts will come through by year's end.
-
S&P 500 Hits New High on Jobs Friday Eve: Stock Market Today
The S&P 500 hit a new all-time closing high and most of the stocks in the Dow Jones Industrial Average were up the day before a critical jobs report.
-
Big Tech Names Rise Above Broad Weakness: Stock Market Today
Some familiar names enjoyed solid rallies on the resolution of outstanding questions, but macro uncertainty hangs over the broader market.
-
Stocks Slide to Start September: Stock Market Today
Seasonal trends suggest tough times for the stock market as we round into the end of the third quarter.
-
If You'd Put $1,000 Into Sherwin-Williams Stock 20 Years Ago, Here's What You'd Have Today
Sherwin-Williams stock has clobbered the broader market by a wide margin for a long time.