Analysis: S&P 500 flat close masks broad retreat

The S&P 500 closed down two points on Thursday. A total of 328 member stocks fell. Only 174 rose. Technology, materials, industrials and consumer discretionary stocks dragged on the index. Energy supported the market as oil climbed amid continued Iran-related tension. Meta's rally on optimism about its new Muse AI agent provided much of the index's support. The 30-year Treasury yield reached its highest level since 2004. The 10-year Treasury yield is on pace for its biggest monthly increase since October 2024. The KBW bank index has fallen more than 10% from its August peak and entered correction territory. Thursday marked the index's second consecutive losing day. The separate KRX regional-bank gauge rose on Thursday and ended an eight-day losing streak. Oracle fell roughly 3.5% after sending a force majeure notice to data center developer Blue Owl Capital over its New Mexico project. The notice involved a project affected by permitting, power and construction timelines. Valuations at these levels have drawn comparisons to the dot-com peak.