The Dow Jones Industrial Average closed at 32,862.30 on Thursday with a loss of 153.07 points or -0.46%. The S&P 500 closed at 3,915.46 for a loss of 58.66 points or -1.48%. The Nasdaq Composite closed at 13,116.17for a loss of 409.03 points or -3.02%. The VIX Volatility Index was higher at 21.37 for a gain of 2.14 points or 11.13%.
Thursday's market movers
The major U.S. indexes ended lower Thursday after the Dow Jones and S&P 500 reported new closing highs. Stocks sold off Thursday after bouncing higher from help by improved Federal Reserve economic projections. However, investors returned to an interest in risk-off trades, particularly with the slightly higher inflation targets. The 10-year Treasury ended the day with a yield of approximately 1.71% and 10-year A-rated corporates showed a yield of approximately 2.73%. Tech stocks sold off the most for the day, with the Nasdaq Composite down 3.02%.
In the near term, the Federal Reserve does have a focus on potentially easing its established supplementary leverage ratio guidelines, which currently extend to March 31. The Fed is also looking at bank dividends and buybacks. The S&P 500 financial sector gained Thursday, up 0.52%.
In other news:
- 770,000 Americans filed for jobless claims, up from 725,000. Continuing jobless claims were 4.124 million, down from 4.142 million.
- The Philadelphia Fed Manufacturing Index increased to 51.8 in March from 23.1.
- The Conference Board's Leading Economic Indicators Index increased 0.2% in February following an increase of 0.5%.
- The Treasury held auctions for four-week bills at a rate of 0.005%, eight-week bills at a rate of 0.010% and 10-year TIPS at a rate of -0.58%.
- Freddie Mac released its weekly mortgage market survey. The 30-year fixed-rate mortgage averaged 3.09%, up from 3.05%. The 15-year fixed-rate mortgage averaged 2.40%, up from 2.38%.
Across the board:
- Victory Resources (VR, Financial) up 125.00%.
- ViacomCBS (VIACA, Financial) up 5.02%.
- Energy Select Sector SPDR Fund (XLE, Financial) down 4.49% with worries on rising oil inventory and U.S. tensions with Russia.
- Nike (NKE, Financial) down 1.17%. Fiscal third-quarter revenue of $10.36 billion increased 2.6% year over year and missed estimates by $610 million. GAAP earnings of 90 cents per share beat estimates by 14 cents.
- Alphabet (GOOG, Financial) down 2.62%. Report the company is investing $7 billion in data centers and office space.
- LYFT (LYFT, Financial) up 0.23% on higher ride volume.
Small-cap stocks
In small caps, the Russell 2000 closed at 2,267.59 for a loss of 68.81 points or -2.94%. The S&P 600 closed at 1,350.74 for a loss of 30.72 points or -2.22%. The Dow Jones U.S. Small-Cap Growth closed at 14,818.22 for a loss of 549.07 points or -3.57%. The Dow Jones U.S. Small-Cap Value Index closed at 11,182.05 for a loss of 172.85 points or -1.52%.
Other notable indexes
Other notable index closes included the S&P 400 Mid-Cap Index at 2,613.14 for a loss of 51.00 points or -1.91%; the S&P 100 at 1,772.75 for a loss of 29.43 points or -1.63%; the Nasdaq 100 at 12,789.14 for a loss of 413.23 points or -3.13%; the Russell 3000 at 2,358.48 for a loss of 41.23 points or -1.72%; the Russell 1000 at 2,210.11 for a loss of 36.48 points or -1.62%; the Wilshire 5000 at 41,182.93 for a loss of 711.76 points or -1.70%; and the Dow Jones U.S. Select Dividend Index at 813.62 for a loss of 0.91 points or -0.11%.
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