US stocks endured more losses on Thursday as lingering concerns about higher-for-longer interest rates and a Salesforce (CRM) sell-off put a damper on investors’ spirits.
The Dow Jones Industrial Average (^DJI) sank 0.8%, or more than 300 points points, after shedding over 400 to lead Wednesday’s stock market slide. The S&P 500 (^GSPC) fell 0.3%, while the tech-heavy Nasdaq Composite (^IXIC) dropped about 0.5%.
Stocks have lost steam amid renewed gloom about the odds for rate cuts, stoked by data showing less cooling in inflation than the Federal Reserve wants. At the same time, hopes that Nvidia’s (NVDA) blockbuster earnings would spur a broader stock rally were disappointed.
That rates angst drove US bond yields this week to their highest levels since early May, lifting the 10-year Treasury (^TNX) back above 4.5%. Though the benchmark yield retreated on Thursday, it still held above…
