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Rate Worries Push NASDAQ to 4th Straight Downward Session

The NASDAQ fell for a fourth day Thursday as concerns resurfaced over the Federal Reserve’s interest rate policy path, and whether policymakers will enact another hike this year.

The Dow Jones Industrials recovered 57.54 points to close Thursday at 34,500.73.

The S&P 500 index slid 14.34 points to 4,451.34.

The NASDAQ index came off its lows of the afternoon, but was still bruised 123.64 points to 13,748.83, falling for a fourth consecutive day.

Apple shares dropped 2.9% on a Bloomberg News report that China’s looking to broaden a ban on the use of iPhones in state-owned companies and agencies. Technology and semiconductor stocks lagged, with Nvidia and Advanced Micro Devices falling 1.7% and 2.5% each. Seagate Technology shed nearly 11%, while Skyworks Solutions, Qualcomm and Qorvo lost more than 7%.

Traders also combed through the latest corporate earnings reports. C3.ai slid 12.2% on weak guidance, while ChargePoint Holdings plunged 10.9% after missing revenue estimates.

A series of economic data points Thursday — including fewer-than-expected jobless claims — contributed to fears that the still strong labor market may make the Federal Reserve think twice about relaxing its tight monetary policy stance. Weekly jobless claims came in at 216,000, versus the 230,000 expected by Dow Jones, while second-quarter labor costs rose more than anticipated.

While 93% of interest rate traders foresee no change at September’s Federal Open Market Committee meeting, expectations of an additional interest rate hike at the November meeting rose to 45%,

Prices for the 10-year Treasury gained ground, lowering yields to 4.25% from Wednesday’s 4.29%. Treasury prices and yields move in opposite directions.

Oil prices hesitated 52 cents to $87.02 U.S. a barrel.

Gold prices lost a dollar $1,943.20 U.S. an ounce.

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