WASHINGTON (dpa-AFX) - Stocks have moved mostly lower during trading on Thursday, extending the pullback seen during the previous session. The major averages have all moved to the downside, with the tech-heavy Nasdaq pulling back off Tuesday's record closing high.
Currently, the major averages are just off their lows of the session. The Nasdaq is down 209.63 points or 0.8 percent at 26,726.41, the Dow is down 342.38 points or 0.7 percent at 51,169.21 and the S&P 500 is down 37.23 points or 0.5 percent at 7,668.80.
The continued weakness on Wall Street comes as the Treasury yields are seeing further upside following the surge seen in the previous session.
The yield on the benchmark ten-year note has risen to its highest level since July 2007, while the thirty-year bond yield has reached its highest level since 2004.
Treasury yields are moving higher amid an extended rebound by the price of crude oil, with U.S. crude oil futures surging by 4 percent after jumping by 1.8 percent on Wednesday.
Traders are looking for signs of progress in talks between the U.S. and Iran after optimism about an end to the prolonged Middle East conflict contributed to a sharp pullback by crude oil prices early in the week.
The rebound by crude oil prices comes after conflicting speeches by President Donald Trump and Iranian President Masoud Pezeshkian at the UN General Assembly.
Trump threatened to 'annihilate' Iran in his remarks, while Pezeshkian condemned what he called 'signs of a bullying mentality' from the U.S. and said that Iran would never surrender.
Meanwhile, Trump and Chinese President Xi Jinping will be meeting at the White House later today, with trade, artificial intelligence and critical minerals on the agenda.
Sector News
Gold stocks are moving sharply lower amid a decrease by the price of the precious metal, dragging the NYSE Arca Gold Bugs Index down by 2.7 percent.
Significant weakness is also visible among semiconductor stocks, as reflected by the 1.8 percent loss being posted by the Philadelphia Semiconductor Index.
Airline, networking and brokerage stocks are also seeing notable weakness, while oil producer stocks are surging along with the price of crude oil.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly lower on Thursday. China's Shanghai Composite Index slumped by 1.2 percent and Hong Kong's Hang Seng Index dipped by 0.3 percent, but Japan's Nikkei 225 Index bucked the downtrend and climbed by 0.8 percent.
The major European markets have also moved to the downside on the day. While the U.K.'s FTSE 100 Index is just below the unchanged line, the German DAX Index and the French CAC 40 Index are both down by 0.5 percent.
In the bond market, treasuries have climbed firmly into positive territory over the course of the session. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by 3.0 basis points at 5.150 percent.
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