US stocks give up gains as Dow notches 5-day losing streak and tech continues to weaken under rates pressure

US stocks fell on Thursday as investors continued to worry about the Federal Reserve, interest rate hikes, and rising inflation.

The index fell more than 150 points after being up more than 400 points earlier in the day.

The yield on the 10-year US Treasury fell from Wednesday's multi-month high. Next week's FOMC meeting and Fed Chairman's press conference are the reasons for the slight decline.

There were 286,000 jobless claims last week, the highest level since October. The weekly claims missed estimates. There were 1.64 million continuing claims.

The US indexes stood at 4:00 pm. The close is on Thursday.

After CNBC reported that the company is temporarily suspending production of its fitness equipment due to declining consumer demand, the stock crashed as much as 25%.
Michael Saylor, the CEO of MicroStrategy, said that his firm will never sell its $5 billion holdings even if the price crashes.

Russia's central bank doesn't agree with the idea of cryptocurrencies being pyramid schemes that rely on new money coming in to boost prices. There is a chance that the country will ban cryptocurrencies.

Gary Gensler is hoping to increase regulatory scrutiny of the sector this year. One area of the market that deserves more attention from regulators is the digital currency market.
Tom Brady's NFT platform is raising $170 million from Silicon Valley investors.

Renaissance Technologies, a secretive hedge fund, has experienced billions of dollars in outflows over the past 14 months.

The price of West Texas Intermediate crude oil fell. The price of oil dropped as much as 0.91% to $87.57 per barrel.

The price of gold fell as much as 0.21%. The yield on the 10-year Treasury was mostly unchanged.