Stocks Opened Slightly Lower as Treasury Yields Kept Rising

U.S. stocks opened slightly lower on Thursday as a rapid rise in Treasury yields spooked equity investors. The Dow Jones Industrial Average lately fell 2.81 points, or 0.01%, to 31,959.05. The S&P 500 was down 2.55 points, or 0.06%, to 3,922.88. The Nasdaq Composite declined 10.06 points, or 0.07%, to 13,587.91.

Oil futures rose Thursday, on track for a fourth straight winning session as crude tests levels last seen in January of 2020 as traders found reassurance in testimony this week by Federal Reserve Chairman Jerome Powell. West Texas Intermediate crude for April delivery rose 30 cents, or 0.5%, to $63.52 a barrel. May Brent crude was up 35 cents, or 0.5%, at $66.53 a barrel.

U.S. Treasury yields rose to fresh one-year highs. The yield on the 10-year U.S. Treasury note broke above 1.45% for the first time since February 2020 on Thursday, adding to recent advances.

Weekly unemployment claims fell far more than expected last week. New jobless claims totaled 730,000, or better than the 825,000 expected. Continuing jobless claims fell to 4.419 million, down from the upwardly revised 4.520 million from the prior week.

Orders for U.S. durable goods, or products meant to last three years or longer, increased far more than expected in January, led by a rebound in demand for aircraft after a 2020 slump. Durable goods orders rose 3.4% in January over December, following an upwardly revised 1.2% increase during the previous month, the Commerce Department said.