U.S. stocks churn while yields rise, Fed in focus

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By Sinéad Carew

NEW YORK (Reuters) - Wall Street indexes were in the red after Thursday's choppy trading session while bond yields rose and the dollar made little progress as investors digested stronger-than-expected economic data and prepared for an aggressive interest rate hike from the Federal Reserve next week.

Oil futures tumbled as concerns about weaker demand outweighed supply worries after the International Energy Agency said this week that oil demand growth would grind to a halt in the fourth quarter. O/R

U.S. retail sales unexpectedly rebounded in August as Americans ramped up purchases of motor vehicles and dined out more while taking advantage of lower gasoline prices. Separately, the Labor Department said initial claims for state unemployment benefits fell for the week ended Sept. 10 to the lowest level since the end of May. (Full Story)

While investors are widely expecting the Fed to raise rates by 75 basis points next week, they are nervous about what hints its Chair Jerome Powell will provide about future actions, according to Quincy Krosby, chief global strategist at LPL Financial (NASDAQ:LPLA) in Charlotte, North Carolina.

"The market remains choppy knowing that there's a Fed meeting next week. Even though participants agree that it'll be a 75 basis points rate hike, it's what the statement adds to previous commentary and what Chairman Powell says in his press conference" that have them worried, Krosby said.

And with investors jittery about the Fed's impact on the economy as it focuses on fixing inflation, there is still a tendency by some investors to sell into strength and for others, "an attraction to stocks that have been put on sale," creating volatile trading sessions, she added.

The Dow Jones Industrial Average .DJI fell 66.18 points, or 0.21%, to 31,068.91; the S&P 500 .SPX lost 33.93 points, or 0.86%, to 3,912.08; and the Nasdaq Composite .IXIC dropped 158.43 points, or 1.35%, to 11,561.25.

The pan-European STOXX 600 index .STOXX lost 0.72% and MSCI's gauge of stocks across the globe .MIWD00000PUS shed 0.77%.

Treasury yields rose with the two-year hitting fresh 15-year highs, after data on retail sales and jobless claims showed a resilient economy that gives the Fed ample room to aggressively hike interest rates.

Benchmark 10-year notes US10YT=RR were up 3.9 basis points to 3.451%, from 3.412% late on Wednesday. The 30-year bond US30YT=RR last fell 7/32 in price to yield 3.4806%, from 3.469%. The 2-year note US2YT=RR last fell 4/32 in price to yield 3.852%, from 3.782%.

In currencies the dollar index =USD rose 0.064%, with the euro EUR= up 0.16% to $0.9993.

The Japanese yen weakened 0.20% versus the greenback at 143.47 per dollar, while sterling GBP= was last trading at $1.1485, down 0.43% on the day.

China's yuan traded offshore weakened to 7 per dollar in European hours on Thursday, as markets continue to test authorities' willingness to defend the symbolic level. (Full Story)

U.S. crude CLc1 recently fell 3.85% to $85.07 per barrel and Brent LCOc1 was at $90.55, down 3.77% on the day.

Gold dropped to its lowest level since March 2021, hurt by elevated U.S. Treasury yields and a firm dollar, as bets of another hefty Fed rate hike eroded bullion's appeal. (Full Story)

Spot gold XAU= dropped 1.9% to $1,663.89 an ounce. U.S. gold futures GCc1 fell 0.80% to $1,682.90 an ounce.