(Sharecast News) - US stocks were lower in early trading on Thursday, with the S&P 500 on track for its third day of losses, with market sentiment dampened by the recent climb in oil prices and bond yields.
By 1509 BST, the Dow and S&P 500 were both down 0.2% while the Nasdaq fell 0.5%, though indices had bounced off their lows seen immediately after the opening bell. The Nasdaq, in particular, retreated for the second session after hitting a record close on Tuesday following a rally in AI and chip shares.
"Markets are in recovery mode as we move into the US session on Thursday. Bond yields are bouncing around like a see-saw, up one minute and down the next" said Kathleen Brooks, research director at XTB.
"There is no clear direction for markets. Are we in a bond crisis or not? Is the Iran war getting worse or is the situation improving? Are enough oil supplies getting through the Strait of Hormuz, and will Ukraine continue to target Russian refinery infrastructure?"
At the time of writing, Brent crude was up 2.0% at $100.10 a barrel, rising for the second straight session after settling below the $100 mark on Tuesday for the first time in two weeks.
Meanwhile, the 10-year US Treasury yield was down 2.1 basis points at 5.095%, having surged 15bp on Wednesday to 5.116% - its highest since July 2007 - on the back of rising oil prices, hawkish comments from a Federal Reserve policymaker and stronger-than-expected PMI data.
Investors were keeping a close eye on news out of the UN General Assembly in New York amid talks between US and Iranian officials over the conflict in the Middle East. US president Donald Trump said he faced a "big decision" on whether to pursue a deal with Tehran or "annihilate" the country.
On Thursday, Trump is set for a highly anticipated summit with Chinese counterpart Xi Jinping, with trade tariffs, AI capabilities and the Middle East likely to be the key talking points.
In equity news, Amazon shares were lower after the company announced plans for a new $100m robotics-manufacturing site in Indiana, set to open in 2028.
MGM Resorts International fell sharply after Barry Diller's People walked away from its offer to buy the company. "We didn't feel the mix was coming together in the way we had hoped," Diller said.
On the macro front, data released before the opening bell showed that initial jobless claims slipped to 197,000 last week, down 1,000 from the week before, coming in below the 201,000 expected by analysts. The four-week moving average slipped to 202,250 from 204,000.
US new home sales figures, due at 1500 BST, are tipped to be 620,000 in August, up from the six-month low of 607,000 seen in July.
Dow Jones - Risers
Intel Corp. (INTC) $124.93 3.22%
Johnson & Johnson (JNJ) $273.36 2.07%
Walt Disney Co. (DIS) $105.45 2.03%
Merck & Co. Inc. (MRK) $150.38 1.59%
Verizon Communications Inc. (VZ) $47.24 1.57%
Coca-Cola Co. (KO) $89.19 1.25%
Travelers Company Inc. (TRV) $365.42 1.21%
Dow Chemical Co. (DOW) $28.93 1.05%
McDonald's Corp. (MCD) $239.59 0.83%
Chevron Corp. (CVX) $207.04 0.72%
Dow Jones - Fallers
Boeing Co. (BA) $194.99 -2.36%
International Business Machines Corporation (CDI) (IBM) $227.44 -2.30%
Microsoft Corp. (MSFT) $492.18 -1.78%
Goldman Sachs Group Inc. (GS) $922.71 -1.70%
Apple Inc. (AAPL) $335.86 -1.65%
Caterpillar Inc. (CAT) $802.02 -1.62%
Amgen Inc. (AMGN) $408.05 -1.39%
Cisco Systems Inc. (CSCO) $105.81 -0.90%
3M Co. (MMM) $169.39 -0.76%
Home Depot Inc. (HD) $295.23 -0.75%
S&P 500 - Risers
Apache Corp. (APA) $44.36 4.24%
Intel Corp. (INTC) $124.93 3.22%
Welltower Inc (WELL) $236.08 2.98%
Illumina Inc. (ILMN) $258.81 2.96%
Ralph Lauren Corp (RL) $345.67 2.94%
Fortinet Inc. (FTNT) $178.62 2.89%
Kroger Co. (KR) $59.33 2.64%
NetApp Inc. (NTAP) $198.28 2.33%
Agilent Technologies Inc. (A) $169.37 2.26%
Eli Lilly and Company (LLY) $1,183.28 2.26%
S&P 500 - Fallers
MGM Resorts International (MGM) $33.94 -10.21%
Coterra Energy Inc. (CTRA) $32.56 -8.62%
Nektar Therapeutics (NKTR) $56.39 -5.80%
Oracle Corp. (ORCL) $135.16 -5.40%
Micron Technology Inc. (MU) $1,055.11 -4.25%
Rollins Inc. (ROL) $31.13 -4.25%
Align Technology Inc. (ALGN) $147.45 -4.08%
Sba Communications Corp. (SBAC) $167.74 -3.89%
Albemarle Corp. (ALB) $108.76 -3.73%
Paychex Inc. (PAYX) $104.23 -3.62%
Nasdaq 100 - Risers
Intel Corp. (INTC) $124.97 3.22%
Illumina Inc. (ILMN) $258.99 2.96%
T-Mobile Us, Inc. (TMUS) $166.48 2.25%
Marriott International - Class A (MAR) $353.73 2.05%
Meta Platforms Inc. (META) $757.11 1.93%
Seagate Technology Plc (STX) $913.71 1.89%
Fastenal Co. (FAST) $51.10 1.71%
Verisk Analytics Inc. (VRSK) $171.98 1.69%
Vodafone Group Plc ADS (VOD) $16.52 1.50%
Check Point Software Technologies Ltd. (CHKP) $138.99 1.31%
Nasdaq 100 - Fallers
Qvc Group Inc Series A (QVCGA) $0.34 -13.49%
Liberty Global plc Series C (LBTYK) $9.28 -4.79%
Liberty Global plc Series A (LBTYA) $9.53 -4.43%
Micron Technology Inc. (MU) $1,054.06 -4.25%
Align Technology Inc. (ALGN) $147.45 -4.08%
Paychex Inc. (PAYX) $104.02 -3.62%
Gen Digital Inc. (GEN) $26.04 -3.44%
Wynn Resorts Ltd. (WYNN) $78.71 -3.05%
Autodesk Inc. (ADSK) $213.28 -2.87%
Broadcom Inc. (AVGO) $348.58 -2.81%
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