Peloton Stock Tumbles; Williams-Sonoma Shares Rise

Markets fell Thursday, with the three major U.S. indices posting losses. The sell-off was led by the tech-heavy Nasdaq, which ended the day down 3%.

Treasury yields reached some of their highest levels in more than a year, with the 10-year Treasury note topping 1.7% Thursday.

First-time claims for regular state unemployment benefits hit 770,000 for the week ending March 13. That marks an increase from the previous week as the labor market attempts to lurch forward in an uncertain recovery.

The Dow Jones Industrial Average fell 153 points, or 0.5%, to finish at 32,862.

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Peloton stock tumbles after deadly accident. Shares of fitness company Peloton (ticker: PTON) sank nearly 5% Thursday on news of a child dying in an accident involving Peloton’s treadmill, called the Tread+.

“While we are aware of only a small handful of incidents involving the Tread+ where children have been hurt, each one is devastating to all of us at Peloton, and our hearts go out to the families involved,” John Foley, Peloton CEO and co-founder, wrote on Peloton’s support site.

Williams-Sonoma stock soars. The kitchen and home goods company’s expectation-topping fourth-quarter earnings, posted Wednesday, demonstrated how Williams-Sonoma ( WSM) has benefited from the stay-at-home economy.

WSM announced Wednesday that it had increased its quarterly cash dividend by more than 11% to 59 cents per share and approved a $1 billion share buyback plan.

Shares of WSM rose more than 18% Thursday.

Dollar General shares fall. Dollar General Corp. ( DG) fell nearly 5% Thursday after reporting a fourth-quarter earnings miss.

While the retailer didn’t quite meet Wall Street expectations, a bigger hit may come from investors’ view that a recovering economy, optimistic vaccination news and fresh stimulus payments spell trouble for the discount retailer’s bottom line.

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