U.S. stocks are experiencing significant declines this Friday afternoon, with an uptick in Treasury yields driving this downward trend. All major indices are in negative territory, with the Nasdaq recording the steepest drop.
The Dow Jones Industrial Average, having plummeted to 42,761.56, was recently down by 336.36 points, or 0.78%, at 42,989.44. The S&P 500 fell 73.73 points, or 1.22%, standing at 5,963.86, while the Nasdaq decreased by 349.30 points, or 1.74%, to 19,671.06.
Tesla shares have declined approximately 4.4%, with Nvidia Corporation facing a nearly 2.5% downturn. Other major tech companies such as Apple Inc., Microsoft Corporation, Alphabet, Amazon, Meta Platforms, Netflix, and Accenture have each seen stock reductions ranging from 1% to 2%.
Financial giants including JP Morgan Chase, Walmart, Costco, Wells Fargo, American Express, Morgan Stanley, and Goldman Sachs also closed with noticeable losses.
On the economic front, recent data reveals an increase in U.S. retail inventories, excluding automobiles, by 0.6% from the previous month in November, following an upward revision of 0.3% the month before, according to initial estimates.
Conversely, wholesale inventories decreased by 0.2% month-over-month to $902 billion in November, after a revised 0.1% rise in the previous month, as per advance estimates. Year-over-year, wholesale inventories grew by 0.9% in November.
In international markets, Asian stocks displayed mixed results, while European markets concluded on a positive note.
