Tech, Bonds Falter After Earnings Miss, Jobs Data: Markets Wrap
- US jobless claims paint picture of labor-market resilency
- Netflix 3Q revenue outlook falls short, Tesla disappoints
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US equities and Treasuries fell Thursday as investors digested a round of disappointing tech earnings and fresh signs of labor-market resiliency that could support another hike in interest rates this year.
The tech-heavy Nasdaq 100 fell 2.3%, with Netflix Inc. notching its biggest decline of the year after a disappointing revenue forecast. Tesla Inc. slid after profitability shrank in the second quarter. And the yield on 10-year Treasuries rose 10 basis points as an unexpected drop in weekly initial jobless claims prompted traders to price in higher odds of a quarter-point rate hike beyond the Federal Reserve’s meeting next week.