The once-hot stock market mostly failed to shake off its slump on Thursday, with the benchmark S&P 500 registering its fifth consecutive losing day. However, the loss was a minor one:
- The S&P slipped 11 points, or 0.2%, to 5,011.
- The Dow gained 22 points, or 0.07%, to 37,775.
- The Nasdaq fell 81 points, or 0.5%, to 15,601.
Equifax dropped 9.1% for one of the market's bigger losses after it reported weaker revenue for the latest quarter than analysts expected, per the AP. High interest rates are pressuring its mortgage credit inquiry business. Las Vegas Sands fell 8.7% even though it reported better results than expected. Analysts said investors may be worried about competition the casino company is facing in Macau. Helping to offset those losses was Elevance Health, which climbed 4.3% after raising its profit forecast for the full year. Genuine Parts jumped 12.2% for the biggest gain in the S&P 500 after the distributor of automotive and industrial replacement parts reported stronger profit for the latest quarter than analysts expected.
Stocks have been struggling recently as yields in the bond market charge higher. They're cranking up the pressure because investors have largely given up on hopes that the Federal Reserve will deliver as many cuts to interest rates this year as expected. Yields climbed a bit higher after more reports on Thursday showed the US economy remains stronger than expected. One report said fewer workers applied for unemployment benefits last week than economists expected, the latest sign that the job market remains remarkably solid despite high interest rates. Another said growth in manufacturing in the mid-Atlantic region accelerated sharply, when economists were expecting a contraction, and a third report said sales of previously occupied US homes didn't fall as much last month as economists expected.
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