The stock market was headed for a three-day losing streak Thursday, with the S&P 500 slipping 0.4%, the Dow Jones Industrial Average down 0.1% and the Nasdaq composite 0.5% lower, the Associated Press reports.
The S&P 500’s modest dips over the last two days have put it on track for its longest losing streak in over a month.
All three indexes are still near their records, set at the start of the week.
Stocks are under pressure from a report showing the U.S. economy may be stronger than economists thought — good news for workers and job seekers, but worrisome for those anticipating additional interest rate cuts from the Federal Reserve in the coming months.
The yield on the 10-year Treasury rose to 4.18% from 4.16% late Wednesday. The two-year Treasury yield, which more closely tracks expectations for the Fed, climbed more sharply.
CarMax tumbled 22.3% after the seller of used autos reported a weaker profit for the latest quarter than analysts expected.
Jabil fell 6.5% even though it reported a stronger profit for the latest quarter than analysts expected.
Oracle gave back 3.9% after surging earlier this month to its best day since 1992, announcing several huge contracts signed because of AI.
Starbucks slipped 0.4% after the coffee chain announced a $1 billion plan to restructure.
IBM rose 5% after HSBC announced a promising trial with IBM of quantum computing in hopes of improving bond trading.
KB Home rose 2.1% after the homebuilder reported stronger profit for the latest quarter than analysts expected.
