Nairobi: U.S. stocks were little changed on Thursday, with the Dow Jones Industrial Average declining for a third consecutive session.
According to Namibia Press Agency,The Dow fell by 161.61 points, or 0.31 percent, to 51,349.98. The S and P 500 sank 1.9 points, or 0.02 percent, to 7,704.13. The Nasdaq Composite Index increased by 3.34 points, or 0.01 percent, to 26,939.37.
Seven of the 11 primary S and P 500 sectors ended in the red, with utilities and materials leading the laggards by losing 1.02 percent and 1.01 percent, respectively. Meanwhile, communication services and health led the gainers by going up 1.92 percent and 0.65 percent, respectively.
U.S. Treasury yields continued to climb on Thursday as investors weighed several factors, including inflation remaining above the Federal Reserve's 2-percent target, higher energy prices, and rising debt issuance linked to the global competition among hyperscale technology companies to expand their computing infrastructure.
"The overshoot to the 5.25 percent-5.5 percent area for the U.S. 10yr yield is ongoing," said analysts with international bank ING. "The front end paused after valuations looked stretched, but resilient macro data, elevated energy prices and inflation pressures generally continue to pressure yields higher."
Oil prices also rose on Thursday. West Texas Intermediate for November delivery added 2.45 U.S. dollars, or 2.66 percent, to settle at 94.61 dollars a barrel on the New York Mercantile Exchange. Brent crude for November delivery went up 3.52 dollars, or 3.41 percent, to settle at 106.6 dollars a barrel on the London ICE Futures Exchange.
The artificial intelligence buildout also came under renewed scrutiny. Shares of Oracle fell 3.47 percent after a report said the technology company issued a force majeure notice related to a New Mexico data center project, potentially limiting its financial exposure to the project.
On the economic front, the U.S. Labor Department's weekly jobless claims report on Thursday suggested the unemployment rate remained steady at 4.1 percent this month. The number of people collecting unemployment checks was near three-year lows during the week the government surveyed households for September's jobless rate.
In corporate news, Darden Restaurants fell more than 3 percent after reporting first-quarter results that missed market expectations. Costco Wholesale Corporation was scheduled to release its earnings after the market close.