Stocks closed lower Thursday, as higher bond yields once again pulled down shares of technology companies and the energy sector sold off on a drop in oil prices.
The IT-heavy Nasdaq suffered its second-worst loss of the year, falling 3%. Bank stocks were among the best performers as investors bet that higher interest rates would translate into higher profits. The S&P 500 index fell 1.5%. The Dow Jones Industrial Average lost 0.5%.
Bond yields moved higher again, to levels not seen since January 2020.