U.S. Stocks Slip as Oil Jumps 3.6% and Treasury Yields Rise
Updated
Updated · Kiplinger's Personal Finance · Aug 6
U.S. Stocks Slip as Oil Jumps 3.6% and Treasury Yields Rise
3 articles · Updated · Kiplinger's Personal Finance · Aug 6
Summary
The S&P 500 fell 0.2% to 7,710 on Thursday, while the Dow dropped 0.9% and the Nasdaq edged down 0.06% as investors turned cautious.
WTI crude climbed 3.6% to $77.93 a barrel and Treasury yields rose across the curve after reports Iran wants to bar U.S. and Israeli ships from the Strait of Hormuz and seek compensation.
Sandisk sank 6.8% even after beating quarterly estimates because its fiscal first-quarter revenue outlook of $10.3 billion to $10.8 billion missed expectations and margin guidance disappointed.
Dave slid 15.1% after reporting 48.2% EPS growth and 29.7% revenue growth, with investors focusing on a steady slowdown from much faster gains in prior quarters.
Earnings season has still been broadly strong—71% of S&P 500 companies have reported, with revenues running 3.8% and earnings 7.3% above consensus—while traders await Friday's July jobs report.