BBD.B:CC - NASDAQ Slump Reaches 5 Sessions
The Dow Jones Industrial Average traded higher Thursday as investors looked to recover from an early year slump, though the tech-heavy NASDAQ was not so fortunate.
The 30-stock index came off its highs of the day, but still gained 10.15 points to conclude Thursday at 37,440.34.
The S&P 500 went south 16.13 points to 4,688.68.
The NASDAQ tumbled 81.91 points to 14,510.30, marking its fifth consecutive losing session.
Mega-cap tech stocks such as Apple are underperforming to start the year, as overstretched valuations and uncertainty around when the Federal Reserve will begin to cut rates have investors worried that markets have gotten overly optimistic.
Apple stock is down more than 5% this week. Shares of the tech giant fell 1% on Thursday following a downgrade by Piper Sandler, two days after Barclays also lowered its rating on the name.
Prices for the 10-year Treasury slid, pumping up yields to 4% from Wednesday's 3.91%. Treasury prices and yields move in opposite
directions.
Oil prices fell 31 cents to $72.39 U.S. a barrel.
Gold prices recovered $8.10 to $2,050.90.
NASDAQ Slump Reaches 5 Sessions