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The S&P 500 falls on Thursday as investors weigh the latest swings in interest rates




We expect more market decline and volatility amid earnings, says senior portfolio manager

US stocks wobbled on Thursday as traders weighed sharp swings in stocks and rates to start the month.

The S&P 500 fell 0.3%, while the Nasdaq Composite ticked up 0.1%. The Dow Jones Industrial Average lost 60 points, or 0.2%. The three stock benchmarks opened the session lower. All the major averages are about to end the week about 5% higher.

Energy was the best performing sector with an increase of 1.2%. Utilities lagged behind, falling more than 1%.

The 10-year reference rate rose 2 basis points to 3.785%. The 2-year yield, which is more sensitive to changes in monetary policy, rose 3 basis points to 4.18%.

Wall Street started the week on a high note, with the S&P 500 staging its biggest two-day rally since 2020. Stocks fought to keep their winning streak going on Wednesday, but ultimately fell short. The Dow closed about 42 points lower, or 0.14%. The S&P 500 and Nasdaq Composite fell 0.20% and 0.25%, respectively.

“Few are convinced the recent move is more than a bear market rally, with skepticism about its durability,” said Mark Hackett, head of investment research at Nationwide. “Confidence remains weak, ranging from CEOs, small businesses, consumers and investors. Universal pessimism is bullish from an opposite perspective, although the timing of the pendulum’s swing is difficult to predict.”

Investors continue to monitor economic data to see if inflation is cooling, or if the Federal Reserve’s rate hikes are pushing the US closer to a recession.

Data from ADP showed that the labor market remained strong among private companies in September, when companies added 208,000 jobs. That beat the Dow Jones estimate of 200,000 jobs. On Friday, the September jobs report from the Bureau of Labor Statistics will be released, giving the central bank and investors another piece of data.



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