Stocks were volatile Thursday morning following Wednesday’s drubbing, which saw the Dow Jones Industrial average closing with more than a 830-point loss.
While stock futures were sharply lower overnight, they trimmed their losses following a benign report on inflation. In the aftermath, stocks continued to oscillate.
While the Dow plunged Wednesday, the Nasdaq slid to a 3-month low led by big-tech names including Amazon, which dipped into correction territory with shares falling more than 10 percent from their record closing high on Sept. 4. Apple, Microsoft and Facebook also were down on the day.
The rout followed fast-rising bond yields and signs of inflation, which led investors to worry that profit margins could narrow.
Of note, on Thursday the yield on the 10-year U.S. Treasury note retreated slightly.
Economic data released Thursday included a report on inflation. The Consumer Price Index rose a modest 0.1 percent in September, below the estimated rise of 0.2 percent. CPI was up 2.3 percent year-over-year last month, also below the Refinitiv estimate of 2.4 percent. Core CPI, which excludes volatile food and energy prices, also came in slightly below estimates. Weekly jobless claims rose by 7,000 to 214,000.
In Asia on Thursday, China's Shanghai Composite closed the session plunging 5.2 percent.
Hong Kong’s Hang Seng finished the day down 3.5 percent.
Japan’s Nikkei ended the day down 3.9 percent.
In Europe, London’s FTSE traded down 1 percent, Germany’s DAX fell 0.9 percent and France’s CAC dropped 0.9 percent.
FOX Business' Ken Martin and Charles Brady contributed to this report.
Related Articles