Explore the latest developments concerning Stock market today:.
Stock market today: Dow drops 300 points, S&P 500, Nasdaq slide as regional bank woes hit markets
US stocks fell on Thursday as a US-China trade war dragged on, while loan losses at regional banks fueled continued concerns over credit quality.
The tech-heavy Nasdaq Composite (^IXIC) flipped from solid early gains to a 0.5% loss, even as Nvidia (NVDA) and other AI-related stocks floated higher after chip manufacturing giant TSMC's stellar earnings. The S&P 500 (^GSPC) fell 0.6%, and the Dow Jones Industrial Average (^DJI) decreased 0.6%, or roughly 300 points.
Investors flocked to bonds with the 10-year Treasury yield (^TNX) dropping below 4%. Meanwhile, gold (GC=F) climbed above $4,300 per ounce, another record for the precious metal.
A choppy market action remains the theme of the week on Wall Street, despite hints of coming Fed rate cuts and strong quarterly results from Wall Street banks.
Dow falls 400 points as bank stocks tumble
US stocks closed lower Thursday as jitters spread on Wall Street about credit market turmoil and regional banksâ exposures to bad loans.
The Dow fell 301 points, or 0.65%. The broader S&P 500 dropped by 0.63%, and the tech-heavy Nasdaq Composite moved 0.47% lower.
Volatility has returned to Wall Street amid rising US-China trade tensions, concerns about historically expensive stocks and brewing trouble in the banking industry.
Regional bank shares tumbled Thursday after two lenders disclosed issues with borrowers, stoking nerves about the health of the credit market â and the potential for negative spillovers into the stock market and broader economy.
Zions Bancorp (ZION) sank 13% after the bank disclosed it would take a $50 million loss in the third quarter because of a bad loan. Western Alliance Bancorp (WAL) dropped 10.8% after it disclosed it is suing a borrower over allegations of fraud.
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