U.S. stocks fell on Thursday as rapid moves in the energy and bond markets slowed and investors monitored the war in Ukraine.
The Dow Jones Industrials peeked lower 0.61 points to 33,890.74.
The S&P 500 decreased 10.94 points to 4,375.78.
The NASDAQ fell 132.67 points to 13,619.35
Software was a weak spot in morning trading, with Okta and Snowflake tumbling after their quarterly reports. Tesla dropped 2.6%, while Amazon lost more than 1%.
Some more defensive names supported the Dow, with health care stocks like Amgen outperforming. Transport stocks were also a strength, with Union Pacific rising more than 3%.
Some on Wall Street are arguing that the market is close to or has already found its bottom for the year. On Thursday, strategists at Citi upgraded their view on U.S. stocks and the global IT sector.
On the earnings front Thursday, shares of Best Buy rose more than 4% after the retailer met earnings expectations and hiked its dividend, and Kroger climbed 7.7% after beating estimates on the top and bottom lines.
However, BJ’s Wholesale and Burlington Stores were down sharply in early trading after their earnings reports.
Markets continued to watch the situation in Ukraine, where fighting entered its second week. Ukrainians maintained the capital city of Kyiv, while heavy shelling hit Maripol and Kharkiv.
Markets have been volatile in recent sessions as investors assess risks to the U.S. economy fueled by Russia’s war in Ukraine.
On the economic front, jobless claims for last week came in at 215,000. That was lower than the 225,000 expected by economists, according to Dow Jones. The reading comes ahead of February’s highly-anticipated jobs report, which will be released Friday.
Prices for the 10-Year Treasury moved higher, thus lowering yields to 1.85% from Wednesday’s 1.91%. Treasury prices and yields move in opposite directions.
Oil prices retreated three cents to $110.57 U.S. a barrel.
Gold prices hiked $8.10.80 to $1,933.10.