Stocks traded lower Thursday, as investors keep an eye on rising rates and Federal Reserve Chairman Jerome Powell’s speech.
The Dow Jones Industrial Average added 40 points or 0.1%. The S&P 500 eased 0.4%, and the Nasdaq Composite plunged 0.8%.
Powell is set to speak at 1 p.m. ET during the International Monetary Fund Debate on the Global Economy. The discussion is moderated by CNBC’s Sara Eisen.
Treasury yields climbed ahead of Powell’s speech, with the benchmark 10-year rate above 2.94%, flirting with its highest level since December 2018.
“I’m cautiously optimistic that earnings will keep beating, with a couple of outliers,” Jeff Kilburg, chief investment officer, at Sanctuary Wealth, told CNBC.
″‘Boring’ names – American staple names that we forgot about – are doing better than expected,” he continued, citing IBM as an example. “It’s a big divergence from sentiment, especially with the 10-year [Treasury yield] nearly doubling. The shift from growth to value is really hitting its stride.”
