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Feb. 18, 2021, 4:20 p.m. EST

U.S. stocks close lower for third day as investors weigh economic data, rising bond yields

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Mark DeCambre, and Sunny Oh

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However, bets that the economy will eventually improve sometime this year have resurrected fears of a rapid rise in inflation, pushing government bond yields higher, with the 10-year Treasury note around 1.3%, around its loftiest level in over a year. But the prospect of higher borrowing costs are overshadowing risky assets as they trade at near record highs.

Meanwhile, investors were keeping one eye trained on winter conditions that is causing millions of Americans to remain without power in places like Texas, as winter storms buffet much of the U.S. The cold weather has delivered a jolt to natural-gas prices and pushed crude-oil values to their highest levels in more than a year .

Separately, the House Financial Services Committee at noon Thursday began questioning several of the principal actors in the GameStop stock saga following public outcry against online trading platform Robinhood and other brokers’ decisions to briefly restrict trading in stocks including GameStop Corp . /zigman2/quotes/203755179/composite GME -1.22% , and AMC Entertainment Holdings /zigman2/quotes/200235402/composite AMC +0.20% .

See : No commission trading means ‘you’re the product,’ lawmaker says in Robinhood-GameStop hearing

In other U.S. economic reports, a report on housing showed that building permits rose 10.4% in January to 1.88 million annual rate, while housing starts fell 6% last month to 1.58 million annual rate. And a reading of trade showed that U.S. import prices jumped 1.4% in January, marking the biggest increase since 2012.

Which stocks were in focus?

  • Walmart Inc. /zigman2/quotes/207374728/composite WMT +0.91% approved a $20 million buyback program and raised its dividend by 4 cents to $2.20 a share on Thursday as it delivered its quarterly results . Shares closed down 6.5%.

  • Marriott International Inc . shares  /zigman2/quotes/200170042/composite MAR -1.13% ticked up 0.4% Thursday, after the hotel operator posted a loss and weaker-than-expected revenue for the fourth quarter as the coronavirus pandemic kept travelers away.

  • Rigel Pharmaceuticals Inc . shares  /zigman2/quotes/207222917/composite RIGL -0.30% rose 5.1% Thursday, after the company said it has agreed to join with Eli Lilly and Co . /zigman2/quotes/200106384/composite LLY +0.58% in developing RIPK1 Inhibitors to treat immunological and neurodegenerative diseases.

  • Shares of Hormel Foods Corp /zigman2/quotes/209170265/composite HRL +0.55% gained1.1% Thursday, after the parent of food brands including SPAM, SKIPPY, Hormel deli meats and chili and Applegate reported fiscal first-quarter results that topped expectations.

  • Shares of Barrick Gold Corp.   /zigman2/quotes/201432642/composite GOLD +0.57% fell 2.6%, after hitting a 10-month closing low on Wednesday, despite the gold miner reporting fourth-quarter profit and revenue that beat expectations.

  • Shares of Twilio Inc. /zigman2/quotes/205796518/composite TWLO +0.43%   were up 7.7% after the software company reported fiscal fourth-quarter results.

How did other assets perform?

  • The yield on the 10-year Treasury note  TMUBMUSD10Y gained 1 basis point to around 1.29% on Thursday. Bond prices move in the opposite direction of yields.

  • The ICE U.S. Dollar Index  DXY , a measure of the currency against a basket of six major rivals, was off 0.4%.

  • Oil futures  edged lower as energy disruptions continued throughout the country, with the U.S. benchmark  CL.1 falling 62 cents, or 1%, to settle at $60.52 a barrel on the New York Mercantile Exchange.

  • Gold futureGC00 climbed by $2.20, or 0.1%, to settle at $1,775 an ounce, after skidding 1.5% on Wednesday.

  • The pan-European Stoxx 600 index  SXXP  fell 0.8% and London’s FTSE 100 stock index  UKX  tumbled 1.4%.

  • Markets in Hong Kong  HSI closed 1.6% lower, while Japan’s Nikkei 225 index  NIK  shed 0.2%. China’s Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP +0.22% finished up 0.6%, while the CSI 300 /zigman2/quotes/210598128/delayed XX:000300 +0.36% closed down 0.7%.

/zigman2/quotes/203755179/composite
US : U.S.: NYSE
$ 184.52
-2.27 -1.22%
Volume: 2.28M
Oct. 20, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$14.29 billion
Rev. per Employee
$424,150
loading...
/zigman2/quotes/200235402/composite
US : U.S.: NYSE
$ 40.88
+0.08 +0.20%
Volume: 31.22M
Oct. 20, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
$20.94 billion
Rev. per Employee
$43,642
loading...
/zigman2/quotes/207374728/composite
US : U.S.: NYSE
$ 146.00
+1.31 +0.91%
Volume: 5.82M
Oct. 20, 2021 4:00p
P/E Ratio
41.15
Dividend Yield
1.51%
Market Cap
$403.47 billion
Rev. per Employee
$243,109
loading...
/zigman2/quotes/200170042/composite
US : U.S.: Nasdaq
$ 153.27
-1.75 -1.13%
Volume: 2.40M
Oct. 20, 2021 4:00p
P/E Ratio
145.71
Dividend Yield
0.00%
Market Cap
$50.48 billion
Rev. per Employee
$87,893
loading...
/zigman2/quotes/207222917/composite
US : U.S.: Nasdaq
$ 3.33
-0.01 -0.30%
Volume: 781,238
Oct. 20, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$570.64 million
Rev. per Employee
$642,728
loading...
/zigman2/quotes/200106384/composite
US : U.S.: NYSE
$ 243.72
+1.41 +0.58%
Volume: 1.54M
Oct. 20, 2021 4:02p
P/E Ratio
36.61
Dividend Yield
1.40%
Market Cap
$231.79 billion
Rev. per Employee
$701,137
loading...
/zigman2/quotes/209170265/composite
US : U.S.: NYSE
$ 41.88
+0.23 +0.55%
Volume: 1.31M
Oct. 20, 2021 4:02p
P/E Ratio
26.63
Dividend Yield
2.34%
Market Cap
$22.60 billion
Rev. per Employee
$503,061
loading...
/zigman2/quotes/201432642/composite
US : U.S.: NYSE
$ 19.42
+0.11 +0.57%
Volume: 13.30M
Oct. 20, 2021 4:00p
P/E Ratio
13.73
Dividend Yield
1.85%
Market Cap
$34.35 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/205796518/composite
US : U.S.: NYSE
$ 366.59
+1.56 +0.43%
Volume: 1.23M
Oct. 20, 2021 4:00p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
$64.66 billion
Rev. per Employee
$841,747
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,594.78
+7.78 +0.22%
Volume: 35.23B
Oct. 21, 2021 3:01p
loading...
/zigman2/quotes/210598128/delayed
XX : China Securities Index
4,928.02
+17.83 +0.36%
Volume: 14.89B
Oct. 21, 2021 3:01p
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