Stock market news live updates: Stocks plunge after Wednesday's rally - Yahoo Finance

U.S. stocks plunged Thursday greeting arsenic December's sell-off resumed aft a rally successful the erstwhile league that failed to clasp ground.

The S&P 500 (^GSPC) tanked 1.7% soon aft the open, portion the Dow Jones Industrial Average (^DJI) shed astir 450 points, oregon 1.4%. The technology-heavy Nasdaq Composite (^IXIC) tumbled 2.4% toward 2022 lows.

The moves travel aft each 3 large averages booked gains of astatine slightest 1.5% connected Wednesday, boosted by a rebound successful consumers' attitudes connected ostentation and the broader system and upbeat net from Nike (NKE) that astatine slightest temporarily curbed fears astir the firm outlook.

Poor results from Micron Technology (MU), however, soured the mood. The largest U.S. shaper of representation chips warned of a glut successful the semiconductor market and forecast a wider-than-expected second-quarter nonaccomplishment arsenic a result. The institution besides revealed a bid of cost-cutting measures to assistance offset an expected driblet successful revenue, including a 10% simplification successful its workforce. Shares fell 4.2%.

Meanwhile, Under Armour (UA) named Marriott International President Stephanie Linnartz arsenic its adjacent main enforcement officer, concluding a seven-month hunt for a caller leader. Linnartz, who was 1 of 60 candidates nether consideration, is expected to presume the station Feb. 27, according to the company. Under Armour’s banal was down 2.6% aboriginal into the session.

On the economical information front, filings for unemployment security ticked up somewhat to 216,000 successful the week ended Dec. 17, the Labor Department said Thursday, a humble summation from the anterior week's upwardly revised 214,000.

In commodities markets, lipid charged higher for a 4th consecutive time up of wintry upwind successful the U.S. and forecasts of a tempest moving toward North America. West Texas Intermediate (WTI) crude futures – the U.S. benchmark – were up astir 1.2% to apical $79 per barrel.

“Energy stocks again person a outpouring successful their step, acknowledgment to a emergence successful crude prices for the 4th consecutive league amid expectations of higher request implicit the vacation period,” Susannah Streeter, elder concern and markets expert astatine Hargreaves Lansdown said successful an emailed note. “But gains are being capped by concerns lingering successful the inheritance astir satellite economical prospects adjacent year.”

In cryptoworld, events successful the saga of fallen cryptocurrency speech FTX continued to unfold. FTX co-founder and erstwhile CTO Gary Wang and erstwhile Alameda Research CEO Caroline Ellison pleaded blameworthy precocious Wednesday to charges related to their roles successful fraud that contributed to the illness of the company.

Investors are waiting to spot whether a Santa Claus rally — a seasonal emergence successful the banal marketplace that tends to hap astir the extremity of December – volition hap this year. But a downbeat period truthful acold plagued by worries implicit inflation, rising involvement rates, and the likelihood of a recession person thrown a wrench successful hopes for year-end gains.

“We deliberation the system and the markets are simply recalibrating to higher involvement rates and to slower growth,” BMO Wealth Management Chief Investment Strategist Yung-Yu Ma said successful a note, pointing to grounds stimulus and economical momentum successful 2021 that led to higher inflation.

“All that reversing a created twelvemonth successful 2022 wherever determination was truly a pullback.” Ma said. “As a result, we expect 2023 to beryllium a recalibration to what we see mean times.”

—

Alexandra Semenova is simply a newsman for Yahoo Finance. Follow her connected Twitter @alexandraandnyc

Click present for the latest trending banal tickers of the Yahoo Finance platform

Click present for the latest banal marketplace quality and in-depth analysis, including events that determination stocks

Read the latest fiscal and concern quality from Yahoo Finance

Download the Yahoo Finance app for Apple oregon Android

Follow Yahoo Finance connected Twitter, Facebook, Instagram, Flipboard, LinkedIn, and YouTube