NEW YORK: Wall Street stocks mostly fell Thursday following economic data that boosted expectations for more monetary tightening measures, while strong Salesforce results lifted the Dow.
Inflation in the eurozone came in at 8.5 percent in February, according to official data, above expectations and prompting European Central Bank president Christine Lagarde to caution that additional interest rate hikes may be needed.
A drop in US jobless claims added to worries about similar moves by the Federal Reserve. Yields on the 10-year US Treasury note jumped above four percent.
US stocks flat as market eyes bond yields
About 15 minutes into trading, the Dow Jones Industrial Average was up 0.1 percent at 32,694.38.
The broad-based S&P 500 shed 0.5 percent to 3,931.75, while the tech-rich Nasdaq Composite Index dropped 0.8 percent to 11,290.22.
Salesforce surged 13.2 percent as the technology giant announced it was boosting its share repurchase program to $20 billion following better-than-expected results.
Tesla slumped 6.6 percent after the company’s investor day offered few clues on the timing or design of future vehicles. Analysts had been hoping for an auto priced at around $25,000 to compete with coming products from other automakers.
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