QQQ Churns in Late Hours on Apple, Amazon Earnings: Markets Wrap
- Treasury-market slide deepens ahead of the US jobs report
- S&P 500 drops for third straight day; dollar little changed
Stocks fell as the selloff in the world’s biggest bond market deepened ahead of the jobs report, which is expected to provide clues on the outlook for the Federal Reserve’s next steps.
In late trading, a $207 billion exchange-traded fund tracking the Nasdaq 100 (QQQ) whipsawed after Amazon.com Inc.’s bullish revenue forecast and Apple Inc.’s disappointing iPhone sales. Another slide in longer-dated Treasuries put them on pace for their worst week of 2023 amid signs of unexpected economic strength and concern over a widening budget deficit.