U.S. Stocks Stumble; European Markets Stumped By Rate Hike

Stocks fell on Wall Street Thursday morning as investors struggled to find direction for markets amid persistently choppy trading, Damian J. Troise reported for the Associated Press (AP).

Photo Insert: As of 10:21 a.m. Eastern, the S&P 500 was down 0.3 percent, the Dow Jones Industrial Average dropped 94 points, or 0.3 percent, to 32,816, while the Nasdaq dropped 0.2 percent.

As of 10:21 a.m. Eastern, the S&P 500 was down 0.3 percent, the Dow Jones Industrial Average dropped 94 points, or 0.3 percent, to 32,816 while the Nasdaq dropped 0.2 percent. Banks and healthcare stocks both fell significantly. Capital One was down 1.7 percent, and Eli Lilly was down 1.1 percent.

Consumer goods retailers and manufacturers made the most progress. Dollar General increased by 1.3 percent, while Costco increased by 2.1 percent. Bond yields rose slightly. The 10-year Treasury yield increased to 3.04 percent from 3.02 percent late Wednesday.

Major indices have been bouncing back and forth between gains and losses, sometimes by the hour. Despite the volatility, they have remained largely unchanged for the week. Overall, the market remains in a severe slump.

The S&P 500 index has dropped in eight of the last nine weeks. Rising inflation and central banks' attempts to mitigate its impact through interest rate hikes remain the primary concerns for Wall Street.

European markets fell more sharply after the European Central Bank announced that it would begin raising interest rates next month for the first time in more than a decade.

This would align European policymakers with other central banks, such as the Federal Reserve in the United States, in shifting away from supporting the economy with low interest rates and toward combating inflation with higher interest rates.

WEEKLY FEATURE : MVP Group Keeps Lights On During Pandemic