Stocks moved lower Thursday, continuing Wednesday's selloff trend, as Wall Street assessed a rise in interest rates and scrutinized the latest earnings results, offering insight into the health of corporations.
The Dow Jones Industrials dropped 82.42 points to begin Thursday at 35,200.10.
The S&P 500 Index slipped 19.23 points to 4,494.16.
The NASDAQ index lost 38.28 points to 13,935.17.
The busy earnings week carried on, with chipmaker Qualcomm losing 10% after missing third-quarter revenue expectations and issuing disappointing guidance. PayPal slumped 10% after posting in-line results, while Moderna gained 1.5% on a boosted COVID vaccine outlook.
Tech bellwethers Apple and Amazon are slated to report after the close. Thus far, nearly 79% of the constituents in the S&P 500 have issued their latest quarterly reports, with about 82% beating expectations.
Wall Street also assessed the latest economic data, including in-line weekly jobless claims and second-quarter productivity data that showed an uptick.
Prices for the 10-year Treasury crashed, raising yields to 4.17% from Wednesday's 4.07%. Treasury prices and yields move in opposite directions.
Oil prices gained $1.04 to $80.53 U.S. a barrel.
Gold prices subtracted $3.40 to $1,971.60 U.S. an ounce.