Read more about Nasdaq, S&P 500 fall as growth shares lose steam, mixed Q1 results by banks on Business Standard. Twitter rises on Elon Musk’s $41-bn buyout offer’; Morgan Stanley, Citi rise after results; Wells Fargo slips after quarterly profit drops
The and the fell on Thursday as rising yields weighed on megacap growth stocks, while a slew of Wall Street lenders reported mixed earnings on the last day of a holiday-shortened week. Twitter Inc gained 2.9% after Tesla Inc CEO offered to buy the social media company for about $41 billion. The electric-car maker’s shares fell 2.9%. Six of the 11 major sectors declined in early trading, with technology and consumer discretionary stocks leading losses. Megacap growth names such as Amazon.com Inc and Apple Inc fell about 1% each as Treasury yields rose after data showed initial claims for state unemployment benefits were higher than expected, while the rise in retail sales was just shy of estimates.
