US stocks end mostly flat as Treasury yields ease
STORY: U.S. stocks closed a choppy session little changed on Thursday, with the Dow and S&P 500 ending flat, while the Nasdaq edged up about a quarter of a percent.
Recent concerns about the U.S. deficit have pushed Treasury yields higher and pressured stocks.
U.S. President Donald Trump's tax and spending bill exacerbated those fears, as it could saddle the country with trillions of dollars more in debt.
But yields moved lower after the House of Representatives passed the measure, helping stocks erase early losses.
Rob Sluymer is technical strategist at RBC Wealth Management.
"So technically, at least in the short term, interest rates are overbought, bond prices are oversold, and we're starting to get that near-term reversal. It's way too early at this point to conclude that we're still not going to see higher rates. But the fact that [that was] the reaction to the bill this morning, I think is a very encouraging sign."
Stocks on the move Thursday included Snowflake, which jumped more than 13% after the cloud computing firm raised its fiscal 2026 product revenue forecast.
While Deckers Outdoor, maker of UGG boots, which climbed more than 2% at the close, plunged more than 15% in extended trading after the company said it was scrapping its annual forecast on tariff worries.
And shares of Ross Stores fell sharply in extended trading after it, too, withdrew its fiscal 2025 forecasts and said tariffs could take a toll on its profitability this year.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Bloomberg
11 minutes ago
- Bloomberg
National Guard Troops Line up in Front of LA Protestors
National Guard troops arrived in Los Angeles on Sunday under orders from President Donald Trump, escalating a showdown with California leaders who say the federal deployment is politically driven and unnecessary. (Source: Bloomberg)
Washington Post
14 minutes ago
- Washington Post
Trump's new travel ban set to take effect amid escalating tension over immigration enforcement
WASHINGTON — President Donald Trump's new ban on travel to the U.S. by citizens from 12 mainly African and Middle Eastern countries is set to take effect Monday amid escalating tension over the president's unprecedented campaign of immigration enforcement. The new proclamation, which Trump signed on Wednesday , applies to citizens of Afghanistan, Myanmar, Chad, the Republic of Congo, Equatorial Guinea, Eritrea, Haiti, Iran, Libya, Somalia, Sudan and Yemen. It also imposes heightened restrictions on people from Burundi, Cuba, Laos, Sierra Leone, Togo, Turkmenistan and Venezuela who are outside the U.S. and don't hold a valid visa. The new ban does not revoke visas previously issued to people from countries on the list, according to guidance issued Friday to all U.S. diplomatic missions. However, unless an applicant meets narrow criteria for an exemption to the ban , his or her application will be rejected starting Monday. Travelers with previously issued visas should still be able to enter the U.S. even after the ban takes effect. Haitian-American Elvanise Louis-Juste, who was at the airport Sunday in Newark, New Jersey, awaiting a flight to her home state of Florida, said many Haitians wanting to come to the U.S. are simply seeking to escape violence and unrest in their country. 'I have family in Haiti, so it's pretty upsetting to see and hear,' Louis-Juste, 23, said of the travel ban. 'I don't think it's a good thing. I think it's very upsetting.' Many immigration experts say the new ban is designed to beat any court challenge by focusing on the visa application process and appears more carefully crafted than a hastily written executive order during Trump's first term that denied entry to citizens of mainly Muslim countries. In a video posted Wednesday on social media, Trump said nationals of countries included in the ban pose 'terrorism-related' and 'public-safety' risks, as well as risks of overstaying their visas. He also said some of these countries had 'deficient' screening and vetting or have historically refused to take back their citizens. His findings rely extensively on an annual Homeland Security report about tourists, businesspeople and students who overstay U.S. visas and arrive by air or sea, singling out countries with high percentages of nationals who remain after their visas expired. Trump also tied the new ban to a terrorist attack in Boulder, Colorado , saying it underscored the dangers posed by some visitors who overstay visas . The man charged in the attack is from Egypt, a country that is not on Trump's restricted list. U.S. officials say he overstayed a tourist visa . The ban was quickly denounced by groups that provide aid and resettlement help to refugees. 'This policy is not about national security — it is about sowing division and vilifying communities that are seeking safety and opportunity in the United States,' said Abby Maxman, president of Oxfam America, a nonprofit international relief organization. Venezuela President Nicolás Maduro's government condemned the travel ban, characterizing it in a statement as a 'stigmatization and criminalization campaign' against Venezuelans.
Wall Street Journal
15 minutes ago
- Wall Street Journal
Can You Trust Anybody?
Who can you trust anymore? Just before leaving office, President Biden railed against a 'tech-industrial complex' claiming, 'The truth is smothered by lies told for power and for profit.' Hmmm, was he referring to the coverup of his own health decline and the sharp-as-a-tack charade? Can we trust presidents? The press? Anyone? We're told to trust the process. Trust the system. Even trust the science. Trust always starts with a belief in truth and adds in a little integrity, reliability and character. Often, it's more faith than belief. Being trustworthy is the first attribute of Boy Scout Law. How quaint. We're told to trust 'experts.' I like to say, 'I trust them about as far as I can throw them.'
