S&P 500, Nasdaq Finish Day Lower as Apple Shares Retreat

Stocks finished Thursday mostly lower, with all three major U.S. indexes on a path toward weekly losses. Read today’s full markets roundup here.

The question of the moment: Will U.S. interest rates remain higher for longer? Investors are weighing evidence that the U.S. economy remains hot, stoking worries that the Federal Reserve will need to keep policy tight.

The latest jobless claims report suggested the labor market is still tight. Initial claims fell to the lowest level since early February, marking a fourth straight week of declines, the Labor Department said Thursday. Unexpectedly strong services data drove a down session yesterday.

Stock indexes were mixed. The S&P 500 and Nasdaq Composite retreated, while the Dow industrials moved higher. The Nasdaq fell four a fourth straight session.

Apple shares dropped for a second day, as investors continued to assess the implications of China’s ban on iPhone use for government officials at work. Elsewhere in tech, chip stocks retreated. On the rise: utilities stocks.

Treasury yields slipped, but remained near 2023 highs. The 2-year Treasury settled at 4.953%, down from 5.022% Wednesday. The 10-year yield also retreated, settling at 4.260% from 4.289% late Wednesday.

The WSJ Dollar Index continued to advance. The index settled at its highest end-of-day level since Nov. 28.

Oil prices retreated slightly, with Brent crude settling just below $90 a barrel. Silver fell for a sixth straight session, the first time it has happened this year.