Stocks fell on Thursday and bond yields rose after Federal Reserve officials signaled that the campaign to raise interest rates to slow inflation is far from over.
The Dow Jones Industrials lost 7.51 points to 33,546.32.
The S&P 500 added 12.23 points to 3,946.56.
The NASDAQ index fell 38.7 points to 11,144.56.
Shares of Cisco Systems rallied from early-day lows as shares rose more than 4%. The networking equipment company beat expectations and gave positive guidance in its first-quarter financial report. Other tech stocks such as Apple and Intel also led gains.
Semiconductor stocks boosted the sector, with shares of Advanced Micro Devices rising 2%. NXP Semiconductors NV gained about 1.8%, ON Semiconductor gained 1.7%, and Lam Research gained 1.6%.
Norwegian Cruise Line fell 6% after Credit Suisse twice downgraded the stock, which said the stock was overvalued and investors could find better value in its peers.
Shares of Macy’s rose 14% after the department store reported profit and revenue that beat Wall Street expectations and raised its earnings forecast for the year. However, it left its revenue guidance unchanged.
Shares in BJ’s Wholesale fell 6% despite the company raising its full-year earnings per share forecast and reporting hits on the top and bottom lines. BJ’s also beat expectations for comparable store sales.
St. Louis Federal Reserve President James Bullard said in a speech on Thursday that “the policy rate is not yet in a zone that can be considered sufficiently restrictive.”
On the economic front, initial jobless claims for the week ended Nov. 12 were 222,000, down 4,000 from the previous week’s revised 226,000 claims.
US housing starts in October fell 4.2% from the previous month to a seasonally adjusted annual rate of 1.425 million. Still, that came in better than the 1.41 million units expected, according to Dow Jones consensus estimates.
Prices on the 10-year Treasury fell sharply, pushing the yield to 3.77% from 3.70% on Wednesday. Treasury prices and yields move in opposite directions.
The price of oil decreased by 3.61 dollars to 81.98 dollars/barrel.
The price of one ounce of gold fell by $12.40 to $1,763.40.