U.S. stocks tanked Thursday, posting the worst session since 2020 as the yield on the 10-Year Treasury rose to 3.066%.
|I:DJI||DOW JONES AVERAGES||32654.59||+431.17||+1.34%|
|I:COMP||NASDAQ COMPOSITE INDEX||11984.522877||+321.73||+2.76%|
The S&P 500 fell 3.5%, and the Nasdaq Composite tumbled 5%, while Dow Jones Industrial Average slid over 1,059 points or 3%.
All 11 of the S&P's largest sectors fell, led by consumer discretionary, technology and materials. Energy names fell the least.
|XLY||CONSUMER DISCRETIONARY SELECT SECTOR SPDR ETF||149.03||-3.29||-2.16%|
|XLK||TECHNOLOGY SELECT SECTOR SPDR ETF||134.64||-1.22||-0.90%|
|XLB||MATERIALS SELECT SECTOR SPDR ETF||82.39||-0.10||-0.12%|
|XLE||ENERGY SELECT SECTOR SPDR ETF||83.80||+0.86||+1.04%|
The slide came as worker productivity fell to its lowest level since 1947, falling 7.5% in the first quarter, according to the Bureau of Labor Statistics. This dismal reading comes one day after the Federal Reserve raised interest rates by a half a point for the first time in two decades and Chairman Jerome Powell signaled the economy can avoid a recession. The Fed raised its key rate to a range of 0.75% to 1%, the highest point since the coronavirus pandemic struck two years ago.
Twitter shares were in focus after Elon Musk disclosed he has secured $7 billion in financing from at least 19 investors, including Oracle's Larry Ellison. There are also reports Musk will become CEO of the social media company.
Shares of eBay fell after the company lowered financial projections for the year as it swung to a quarterly loss.
After the bell, investors will get earnings from Zillow and NewsCorp.
|Z||ZILLOW GROUP INC.||40.56||+2.61||+6.88%|
On Thursday's economic docket, the Labor Department reported claims for unemployment benefits rose by 200,000, up from 180,000 the previous week and holding at pre-pandemic levels. Continuing claims, which track the total number of unemployed workers collecting benefits, dipped to 1.384 million, the lowest in more than 52 years.
The monthly jobs report due on Friday is expected to say the U.S. economy added 394,000 new non-farm jobs in April.
RUSSIA INVADES UKRAINE: LIVE UPDATES
|USO||UNITED STATES OIL FUND L.P.||81.11||-2.00||-2.41%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||31.92||-0.85||-2.59%|
Oil prices were choppy Thursday morning after a European Union proposal for new sanctions against Russia included an embargo on crude in six months. U.S. West Texas Intermediate crude futures traded around $107 a barrel. Brent futures traded near $110 a barrel.
In cryptocurrencies, Bitcoin traded around $39,000.
FOX Business' Ken Martin and The Associated Press contributed to this report.