U.S. Stocks Down Firmly In Negative Territory; Nasdaq Tumbled 1.7 Percent

(RTTNews) - U.S. stocks are down firmly in negative territory Friday afternoon with rising Treasury yields contributing to the weakness. The major averages are all down in the red with the Nasdaq suffering a more pronounced loss.

The Dow, which tumbled to 42,761.56, was down 336.36 points or 0.78 percent at 42,989.44 a little while ago. The S&P 500 was down 73.73 points or 1.22 percent at 5,963.86, while the Nasdaq was down 349.30 points or 1.74 percent at 19,671.06.

Tesla is down by about 4.4 percent. Nvidia Corporation is down nearly 2.5 percent. Apple Inc., Microsoft Corporation, Alphabet, Amazon, Meta Platforms, Netflix and Accenture are lower by 1 to 2 percent.

JP Morgan Chase, Walmart, Costco, Wells Fargo, American Express, Morgan Stanley and Goldman Sachs also closed notably lower.

On the economic front, data showed that U.S. retail inventories, excluding autos, increased by 0.6 percent month-over-month in November, following an upwardly revised 0.3 percent rise in the prior month, according to preliminary estimates.

Meanwhile, wholesale inventories fell by 0.2 percent month-over-month to $902 billion in November after a revised 0.1 percent increase in the prior month, according to advance estimates. On a yearly basis, wholesale inventories increased by 0.9% in November.

In overseas trading, Asian stocks turned in a mixed performance, while European markets closed on a firm note.