(Sharecast News) - Stocks on Wall Street closed in the red on Thursday, as investors digested a surprisingly big production cut from OPEC+, and looked ahead to the nonfarm payrolls report on Friday.
At the close, the Dow Jones Industrial Average was down 1.15% at 29,926.94, as the S&P 500 lost 1.02% to 3,744.52, and the Nasdaq Composite was off 0.68% to 11,073.31.
"Once again, the rise in government bond yields is acting as the catalyst for the selloff in stocks," said Equiti Capital market analyst David Madden.
"The US 10-year yield cleared 3.8% and that led to an increase in selling pressure.
"Federal Reserve Neel Kashkari said a 'high bar' needs to be cleared to justify a change in policy, and that sends out a message the central bank will continue down the path of aggressive monetary tightening for the foreseeable future.
"The rise in US yields is weighing on equities and it is driving up the US dollar too.
"In recent weeks, the greenback has been a popular safe haven play and considering the fall in equities, it is also receiving a lift in that regard."
In economic news, the OPEC cartel of oil producing nations and its Russia-led allies announced an imminent reduction in their combined production quotas of two million barrels daily late on Wednesday - twice the size of the cut expected by analysts.
The announcement stoked concern regarding the drag it would have on demand, and of its potential impact on inflation and interest rates.
On the employment front, jobless claims rose unexpectedly last week, with the Department of Labor reporting that seasonally-adjusted unemployment claims rose 29,000 over the week ended 1 October, to reach 219,000.
Economists at Barclays Research had pencilled in a reading of 210,000.
The four-week moving average for initial claims, which aims to smooth out the fluctuations in the data from one week to the next, edged up by 250 to 206,500.
Initial claims for the week before, meanwhile, were revised down by 3,000 to 190,000.
Looking ahead to Friday, market consensus was for the Labor Department to report that nonfarm hiring in the US rose at a pace of 250,000 people in September.
In equities, gaming label Take-Two Interactive Software added 3.48% and Pinterest was ahead 4.87% after both were upgraded by analysts at Goldman Sachs.
On the downside, Twitter lost 3.72% amid reports that some of the financial backers of Elon Musk's controversial deal to buy the social network were backing out.
Reporting by Josh White at Sharecast.com. Additional reporting by Alexander Bueso.
Dow Jones - Risers
Chevron Corp. (CVX) $161.42 1.82%
Caterpillar Inc. (CAT) $178.81 0.24%
Home Depot Inc. (HD) $290.39 0.19%
Boeing Co. (BA) $132.20 0.07%
Honeywell International Inc. (HON) $0.00 0.00%
Dowdupont Inc. (DWDP) $0.00 0.00%
Salesforce.Com Inc. (CRM) $155.46 -0.49%
Apple Inc. (AAPL) $145.43 -0.66%
Walt Disney Co. (DIS) $100.04 -0.75%
Travelers Company Inc. (TRV) $159.19 -0.84%
Dow Jones - Fallers
Verizon Communications Inc. (VZ) $37.84 -3.96%
3M Co. (MMM) $111.12 -3.52%
International Business Machines Corporation (CDI) (IBM) $122.23 -2.79%
Walgreens Boots Alliance, Inc. (WBA) $32.25 -2.74%
Coca-Cola Co. (KO) $55.03 -2.15%
Procter & Gamble Co. (PG) $126.48 -2.11%
JP Morgan Chase & Co. (JPM) $108.14 -2.04%
Johnson & Johnson (JNJ) $161.91 -1.94%
McDonald's Corp. (MCD) $234.75 -1.82%
Intel Corp. (INTC) $27.18 -1.66%
S&P 500 - Risers
FMC Technologies Inc. (FTI) $9.67 4.43%
Apache Corp. (APA) $42.20 4.15%
Occidental Petroleum Corp. (OXY) $70.50 4.07%
Marathon Oil Corp. (MRO) $28.25 3.90%
Take-Two Interactive Software Inc. (TTWO) $121.38 3.48%
CF Industries Holdings Inc. (CF) $105.73 3.10%
Exxon Mobil Corp. (XOM) $102.06 2.97%
National Oilwell Varco Inc. (NOV) $18.97 2.87%
Wynn Resorts Ltd. (WYNN) $74.17 2.76%
Hess Corp. (HES) $130.38 2.73%
S&P 500 - Fallers
Carnival Corp. (CCL) $6.98 -6.06%
Crown Castle International (CCI) $137.70 -5.54%
Republic Services Inc. (RSG) $133.41 -5.50%
Sba Communications Corp. (SBAC) $268.02 -5.33%
American Tower Corp (Reit) (AMT) $203.07 -5.17%
Centerpoint Energy Inc. (CNP) $27.34 -5.10%
VF Corp. (VFC) $30.30 -5.02%
CenturyLink Inc. (LUMN) $6.93 -4.81%
DTE Energy Co. (DTE) $110.71 -4.65%
Digital Realty Trust (DLR) $94.40 -4.65%
Nasdaq 100 - Risers
Take-Two Interactive Software Inc. (TTWO) $121.38 3.48%
Wynn Resorts Ltd. (WYNN) $74.17 2.76%
Biomarin Pharmaceutical Inc. (BMRN) $91.48 2.18%
Netflix Inc. (NFLX) $240.02 1.39%
Electronic Arts Inc. (EA) $123.66 0.81%
Autodesk Inc. (ADSK) $205.87 0.66%
Paypal Holdings Inc (PYPL) $94.42 0.63%
Costco Wholesale Corp. (COST) $482.49 0.45%
Hasbro Inc (HAS) $68.55 0.38%
Adobe Systems Inc. (ADBE) $298.41 0.35%
Nasdaq 100 - Fallers
Qurate Retail Inc. (QRTEA) $2.13 -4.91%
Expedia Group Inc. (EXPE) $95.61 -3.41%
Seagate Technology Plc (STX) $55.71 -2.99%
Align Technology Inc. (ALGN) $222.36 -2.82%
Walgreens Boots Alliance, Inc. (WBA) $32.25 -2.74%
DENTSPLY Sirona Inc. (XRAY) $29.42 -2.71%
Illumina Inc. (ILMN) $212.72 -2.65%
Trip.com Group Limited (TCOM) $29.46 -2.58%
Paychex Inc. (PAYX) $111.69 -2.53%
JD.com, Inc. (JD) $51.66 -2.49%