U.S. stocks tumbled again on Thursday in line with a global trend as tensions in the Middle East continued to flare. Treasury yields continued higher.

Now at 16-year highs, the 10-year yield is fast approaching the 5.00 percent mark. The bond market was dented following a speech by Federal Reserve Chair Jerome Powell who, while conceding inflation was trending down, said the road ahead remains very much uncertain.

“Inflation is still too high, and a few months of good data are only the beginning of what it will take to build confidence that inflation is moving down sustainably toward our goal,” Powell said in his speech at the Economic Club of New York on Thursday.

“We cannot yet know how long these lower readings will persist, or where inflation will settle over coming quarters. While the path is likely to be bumpy and take some time, my colleagues and I are united in our commitment to bringing inflation down sustainably to two percent,” the Fed chair said

The full transcript of Jerome Powell’s speech appears in another post.

Following are the closing quotes for the major U.S. indices for Thursday:

The S&P 500, representing the performance of the US economy, ended at 4,278.00, for a decline of 36.60 points or 0.85 percent. Trading activity was substantial, with a volume of 2.603 billion shares.

The Dow Jones Industrial Average (DJI) closed at 33,414.17, observing a loss of 250.91 points or 0.75 percent. Market participation stood at 303.565 million shares.

The NASDAQ Composite, a key indicator of tech stocks, reported a closing quote of 13,186.18, marking a decrease of 128.13 points or 0.96 percent. Trading volume was substantial at 4.089 billion shares.

Global foreign exchange markets exhibited a range of movements on Thursday, reflecting various economic and geopolitical influences. Here are the latest foreign exchange market quotes for Thursday:

Euro Gains Ground Against the U.S. Dollar:

The EUR/USD currency pair witnessed a positive upturn, with the Euro strengthening against the dollar, at one stage hurdling the 1.0600 level, albeit temporarily. The exchange rate in late trading stands at 1.0585, representing a 0.47 percent increase, equivalent to a gain of 0.0049 points.

Dollar Falters Against the Japanese Yen:

Conversely, the USD/JPY currency pair experienced a slight decline in the US dollar’s value against the Japanese yen. The current rate is 149.803, which reflects an 0.08 percent decrease, translating to a loss of 0.11 points.

Steady Performance for the U.S. Dollar Against the Canadian Dollar:

The USD/CAD currency pair maintained a relatively stable position, with the exchange rate staying at 1.3715. This represents no change to Wednesday’s close.

British Pound Edges Up Against the Greenback:

The British pound exhibited a negative trend against the U.S. dollar. The GBP/USD currency pair nslid to 1.21494, reflecting an 0.08 percent decrease, equal to a loss of 0.0009 points.

U.S. Dollar Declines Against the Swiss Franc:

In contrast, the dollar faced a notable decline when compared to the Swiss franc Thursday. The USD/CHF currency pair fell to 0.8927, signifying a 0.67 percent decrease, which translates to a loss of 0.0059 points.

Australian Dollar Experiences a Minor Decline:

The AUD/USD currency pair recorded a slight decrease in the value of the Australian dollar against the U.S. dollar. The current exchange rate stands at 0.6332, reflecting a 0.07 percent decline, equivalent to a loss of 0.0004 points.

New Zealand Dollar Weakening Against the US Dollar:

The NZD/USD currency pair observed a modest decline, with the New Zealand dollar losing value. The current exchange rate is 0.5849, indicating a 0.10 percent decrease.

Global Stock Markets Experience Negative Day on Thursday

Global stock markets experienced major losses on Thursday as investors reacted to various economic indicators and geopolitical developments, mainly the tensions in the Middle East with Israel set to implement a ground invasion. Major stock indices worldwide saw fluctuations, with most posting losses, while a tiny number managed to maintain stability. Here’s a summary of the latest stock market quotes for Thursday:

CANADA

The S&P/TSX Composite index in Canada closed at 19,348.81, reflecting a decrease of 101.89 points or 0.52 percent. Trading activity was notable, with a volume of 193.116 million shares.

UNITED KINGDOM

FTSE 100 in London (7,499.53) saw a decline of 88.47 points or 1.17 percent, closing at the 7,499.53 mark.

EUROPE

The DAX PERFORMANCE-INDEX in Frankfurt (15,045.23) experienced a slight dip of 49.68 points or 0.33 percent, concluding the trading day at 15,045.23.

In Paris, the CAC 40 (6,921.37) observed a drop of 44.62 points or 0.64 percent, settling at 6,921.37.

RUSSIA

In Russia, the MOEX Russia Index (2,222.51) registered a minor decline of 4.14 points or 0.19 percent Thursday, finishing the trading day at 2,222.51.

ASIA

The Nikkei 225 in Tokyo (31,430.62) faced a significant downturn of 611.63 points or 1.91 percent, closing the day at 31,430.62.

Hong Kong’s HANG SENG INDEX (17,295.89) registered a steep decline of 436.63 points or 2.46 percent, finishing at 17,295.89.

Shanghai’s SSE Composite Index (3,005.39) experienced a loss of 53.32 points or 1.74 percent, ending the day at 3,005.39. Trading volume stood at 339.12 million shares.

The Shenzhen Index (9,655.09) retreated by 161.59 points or 1.65 percent, reaching a level of 9,655.09 Thursday. The total trading volume amounted to 2.421 billion shares.

Singapore’s STI Index (3,099.60) observed a drop of 37.02 points or 1.18 percent, settling at 3,099.60.

India’s S&P BSE SENSEX (65,629.24) recorded a minor dip of 247.78 points or 0.38 percent, closing at 65,629.24.

India’s NIFTY 50 index (19,624.70) registered a minor decline of 46.40 points or 0.24 percent, finishing at 19,624.70.

Indonesia’s IDX COMPOSITE (6,846.43) observed a downturn of 81.48 points or 1.18 percent, finishing Thursday at 6,846.43.

Malaysia’s FTSE Bursa Malaysia KLCI (1,442.66) experienced a slight drop of 3.88 points or 0.27 percent, closing at 1,442.66.

The KOSPI Composite Index in South Korea (2,415.80) faced a significant downturn of 46.80 points or 1.90 percent, concluding the day at 2,415.80.

Taiwan’s TSEC weighted index (16,452.73) managed to gain 11.82 points or 0.07 percent, closing at 16,452.73.

OCEANIA

In Australia, the S&P/ASX 200 (6,981.60) saw a decline of 96.00 points or 1.36 percent, Thursday, closing at 6,981.60.

The ALL ORDINARIES index in Australia (7,172.70) faced a decline of 93.00 points or 1.28 percent, concluding the trading day at 7,172.70.

New Zealand’s S&P/NZX 50 INDEX GROSS (11,135.58) saw a decline of 85.90 points or 0.77 percent, finishing at 11,135.58.

AFRICA

The Top 40 USD Net TRI Index (3,683.88) in South Africa experienced a dip of 58.10 points or 1.55 percent, closing at 3,683.88.

MIDDLE EAST

Israel’s TA-125 (1,682.73) on Thursday observed a drop of 30.65 points or 1.79 percent, settling at 1,682.73.

The EGX 30 Price Return Index in Egypt (21,616.60) faced a significant decline of 500.80 points or 2.26 percent, concluding the trading day with a trading volume of 244.338 million shares.