Here Are 3 Hot Things to Know About Stocks Right Now

  • The Dow Jones Industrial Average fell sharply Thursday after closing higher for five straight days as interest rates continued to rise.
  • 10-year Treasury yields extended gains on Thursday, rising to 3.19%, following the biggest single-day move since the 2016 presidential elections on Wednesday.
  • Barnes & Noble Inc. (BKS - Get Report) jumped 20% on Thursday after the struggling bookstore chain put itself up for sale.

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Wall Street Overview

Stocks ended sharply lower on Thursday, Oct. 4, as U.S. Treasury bond yields continued to surge.

Benchmark 10-year Treasury yields extended gains after Wednesday's increase of 12 basis points -- the biggest single-day move since the 2016 presidential elections. The 10-year Treasury was yielding 3.19% Thursday.

The moves followed a bullish assessment of the U.S. economy from Fed Chairman Jerome Powell Wednesday, and the strongest reading for the ISM non-manufacturing index in 21 years. The bond market action suggested investors were ready to re-price inflation expectations based on anticipated wage growth, a bet that could be confirmed as early as Friday, Oct. 5, when the U.S. jobs report will be released.
 
Jobless claims data released Thursday found that the number of Americans applying for unemployment benefits fell 8,000 to 207,000 in the week ended Sept. 29, putting claims near a 49-year low.

The Dow Jones Industrial Average fell 200 points, or 0.75%, to 26,627, the S&P 500 declined 0.82%, and the Nasdaq was down 1.81% as shares of Facebook Inc. (FB - Get Report) , Netflix Inc. (NFLX - Get Report) and Alphabet Inc. (GOOGL - Get Report) each fell more than 2%. 

Shares of Barnes & Noble Inc. (BKS - Get Report) jumped 22% on Thursday after the struggling bookstore chain disclosed it was forming a special committee to consider "expressions of interest from multiple parties in making an offer to acquire the company" -- including a bid from current Chairman Leonard Riggio.

"The board of directors has appointed a special committee of independent directors ... to lead the strategic review process," the company said in a statement after markets closed Wednesday. "The special committee will be advised by independent legal and financial advisors. Mr. Riggio has committed to support and vote his shares in favor of any transaction recommended by the special committee."

Barnes & Noble has stumbled in recent years as more and more consumers have switched to e-books and online reading from physical books.

Tilray Inc. (TLRY) fell 7% after the Canadian cannabis company said it would offer $400 million worth of convertible senior notes to be used for working capital, to fund acquisitions, and to repay a $9.1 million mortgage on a production facility in British Columbia.

Tilray said it would sell the notes in a private placement to "qualified institutional buyers."

Constellation Brands Inc. (STZ - Get Report) reported fiscal second-quarter earnings of $2.87 a share, topping analysts' estimates of $2.60. Revenue of $2.3 billion also beat forecast and the wine, beer and spirits seller increased its fiscal 2019 earnings outlook. The stock rose 5%.

Cloudera Inc. (CLDR - Get Report) and Hortonworks Inc. (HDP) jumped 12% after the cloud rivals announced they would merge. Cloudera shareholders will own about 60% of the combined company while Hortonworks shareholders will own about 40%. The companies said they expect the deal to close in the first quarter of 2019.

HP Inc. (HPQ - Get Report) rose 1.3% after the maker of personal computers issued an upbeat fiscal 2019 earnings outlook and said it planned to raise its dividend by 15% in fiscal 2019.

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Eli Lilly & Co. (LLY - Get Report) jumped 4% after its new diabetes drug was found in a trial to be successful in lowering blood sugar and reducing weight.

Amazon.com Inc. (AMZN - Get Report) and Apple Inc. (AAPL - Get Report)  denied claims that a secret microchip was found embedded in servers linked to Elemental Technologies, a video compressing service purchased by Amazon in 2015, amid concerns that government hackers in China were able to infiltrate U.S. corporate data. Shares of both companies fell 2%.

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