Newscasts - US stocks end mostly flat as Treasury yields ease

Ross Stores

23/05/2025 24:01

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Source: 'Reuters - Business videos'

Description: U.S. stocks closed a choppy session little changed on Thursday (May 22), erasing initial declines as Treasury yields eased off recent highs after the House of Representatives passed U.S. President Donald Trump's tax and spending bill. Lisa Bernhard has more.

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Video Transcript:

US stocks closed at choppy session little changed on Thursday, with the Dow and S&P 500 ending flat, while the NASDAQ edged up about 0.25%. Recent concerns about the US deficit have pushed Treasury yields higher and pressured stocks. US President Donald Trump's tax and spending bill exacerbated those fears as it could saddle the country with trillions of dollars more in debt. But yields moved lower after the House of Representatives passed the measure, helping stocks erase early losses. Rob Sluymer is technical strategist at RBC Wealth Management.

So, technically, at least in the short term, interest rates are overbought, bond prices are oversold, and we're starting to get that near-term reversal. It's way too early at this point to conclude that we're still not going to see higher rates. But the fact that the reaction to the bill this morning, I think is a very encouraging sign.

Stocks on the move Thursday included Snowflake, which jumped more than 13% after the cloud-computing firm raised its fiscal 2026 product revenue forecast. While Deckers Outdoor, maker of UGG boots, which climbed more than 2% at the close, plunged more than 15% in extended trading after the company said it was scrapping its annual forecast on tariff worries. And shares of Ross Stores fell sharply in extended trading after it, too, withdrew its fiscal 2025 forecasts and said tariffs could take a toll on its profitability this year.