Dow Breaks From High As Yield Concerns Mount And Meme Stocks Forge A Comeback

Dow Breaks From High As Yield Concerns Mount And Meme Stocks Forge A Comeback

Share to Linkedin Concerns that rising bond yields and problematic inflation could tank stocks briefly subsided after dovish testimony from Federal Reserve Chairman Jerome Powell on Wednesday, but markets are back on shaky ground Thursday as investors eye "absurd valuations" and worry that the Fed could change its tone once the economic recovery pushes forward. GameStop was up as much as 80% Thursday morning. Shortly after the market open, the Dow Jones industrial average, which closed at a record high Wednesday, ticked down 30 points, or 0. 1%, while the S&P 500 and tech-heavy Nasdaq fell 0. 3% and 0. 9%, respectively. Cyclical stocks in recently hard-hit industries continued to outperform the broader market, with retailer L Brands, Norwegian Cruise Line and Marathon Oil climbing 6%, 5% and 3%, respectively. Shares of Twitter are soaring nearly 10% after the firm told analysts at an event that it plans to double revenue and amass 315 million daily active users by 2023. Best Buy, on the other hand, is among firms heading up losses in the S&P, plunging 8% after the electronics retailer posted worse-than-expected comparable-store sales that jumped 13%, compared to expectations of about 15% growth. Meme stocks GameStop, AMC and