U.S. Stocks Open Lower on Thursday; Wolfspeed Surges 12% on $1.5 Billion Pentagon Financing Deal; Argenx Shares Plunge 11% After Autoimmune-Disease Trial Halt

Tiger Newspress10-08 21:30

U.S. stocks moved lower on Thursday as investors faced more pressure from rising Treasury yields and elevated oil prices.

The Dow Jones Industrial Average fell 181 points, or 0.4%. The S&P 500 dipped 0.4%, and the Nasdaq Composite was down 0.5%.

The benchmark 10-year Treasury note yield rose more than 5 basis points to 5.331%, around levels not seen since 2002. The 30-year Treasury bond yield also traded near 24-year highs at 5.702% after rising more than 4 basis points. Those moves came after Federal Reserve Governor Christopher Waller said more hikes may be needed to curb inflation.

Argenx fell 11% after the biotech company stopped a late-stage clinical trial of its Vyvgart drug due to lack of efficacy for the treatment of autoimmune condition Sjogren’s disease.

Wolfspeed surged 16% after it landed a financing deal with the Pentagon. The Defense Department will give the company $1.5 billion in long-term 30-year financing, contingent on it producing silicon carbide materials and other power devices in the U.S.

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