Investors evaluated mainly favorable U.S. economic data, corporate results, and a second day of testimony by Federal Reserve Chairman Jerome Powell as the S&P 500 and Nasdaq Composite finished the session down on the session. The Nasdaq Composite Index COMP, -0.70 percent fell 0.7 percent to 14,543, its longest losing streak since a similar stretch ended May 19, pulled down in part by a strong loss in chip makers SOXX, -2.22 percent.
Even when the 10-year Treasury note yield TMUBMUSD10Y, 1.299 percent dipped below 1.30 percent on the day, yield-sensitive technology and technology-related equities slumped. The S&P 500 index SPX, -0.33 percent finished 0.3 percent lower at 4,360, while the Dow Jones Industrial Average finished 0.2 percent higher at 34,987, boosted by shares of UnitedHealth Group Inc. UNH, +1.28 percent and Honeywell International Inc. HON, +2.21 percent.
In economic news, initial jobless claims declined by 26,000 to 360,000 in the week ending July 10, meeting the Wall Street Journal’s expectation of economists polled. Meanwhile, Powell reiterated his message to the Senate Banking Committee, which he delivered the day before to a House panel, saying that inflation has risen sharply and will likely remain high for a few months before moderateing./n
