Stocks pull back meaningfully, close near lowsDow -1861.80 at 25128.19, Nasdaq -527.62 at 9492.75, S&P -188.04 at 3001.97 [BRIEFING.COM] The S&P 500 dropped 5.9% on Thursday, pulling back noticeably from an overheated market condition. The Dow Jones Industrial Average (-6.9%) and Russell 2000 (-7.6%) underperformed the benchmark index, while the Nasdaq Composite declined 5.3%. The S&P 500 opened the session down 2.1%, ostensibly due to growth worries following a cautious FOMC statement yesterday and reports of increasing rates of coronavirus cases in many U.S. states. The market had rallied despite these growth concerns, though, as the S&P 500 gained as much as 48% from its March 23 low. Today, then, might have been the day to take profits, which some might say was long overdue. Buyers were largely absent, causing the market to decline in an orderly retreat throughout the day. No sector was spared, with all 11 S&P 500 sectors closing lower between 3.8% (consumer staples) and 9.5% (energy). Evidently, selling was indiscriminate, but value and cyclical stocks, which were among the leaders on the way up, were hit the hardest for the third straight day. Energy stocks were additionally burdened by the 8% drop in oil prices ($36.41/BBL, -3.13, -7.9%), while those in the financials sector (-8.2%) were pressured by some curve-flattening activity. The 2-yr yield declined one basis point to 0.16%, while the 10-yr yield declined ten basis points to 0.65% as investors sought some safety in longer-dated maturities. The U.S. Dollar Index rose 0.8% to 96.76. Notably, the CBOE Volatility Index spiked 48.0% to 40.79, which reflected increased hedging interest against further equity weakness. The S&P 500 did end the session below its 200-day moving average (3013), which is a key technical level many traders observe. In corporate news, Regeneron Pharma ($REGN 596.16, -10.43, -1.7%) said it started clinical trials for its COVID-19 antibody treatment. GrubHub ($GRUB 61.79, +2.74, +4.6%) agreed to be acquired by Just Eat Takeaway ($TKAYY 9.30, -0.70, -7.0%) for \/SHARE"}==!> in an all-stock deal. Reviewing Thursday's economic data: Initial jobless claims for the week ending June 6 decreased by 355,000 to a still-high 1.542 million (Briefing.com consensus 1.525 million) while continuing claims for the week ending May 30 decreased by 339,000 to a still stunningly high 20.929 million.The key takeaway from this report is that, notwithstanding the hiring activity in May, it shows the labor market remains a long, long way from being back.The Producer Price Index for final demand increased 0.4% m/m in May (Briefing.com consensus +0.1%). The index for final demand, excluding food and energy, declined 0.1% (Briefing.com consensus 0.0%). Those readings left the yr/yr rates at -0.8% and 0.3%, respectively.The key takeaway from this report is that it shows why the Fed isn't thinking about raising rates anytime soon. Looking ahead, investors will receive the preliminary University of Michigan Index of Consumer Sentiment for June and Export and Import Prices for May on Friday. Nasdaq Composite +5.8% YTDS&P 500 -7.1% YTDDow Jones Industrial Average -12.0% YTDRussell 2000 -18.7% YTD Market Snapshot Dow25128.19-1861.80(-6.90%)Nasdaq9492.75-527.62(-5.27%)SP 5003001.97-188.04(-5.89%)10-yr Note +6/320.663NYSEAdv 86 Dec 2859 Vol 1.3 blnNasdaqAdv 240 Dec 3130 Vol 5.2 bln Industry Watch Strong: Consumer StaplesWeak: Energy, Financials, Industrials, Materials, Real Estate Moving the Market -- Market pulled back about 6%, cooled down from an overheated condition -- Value and cyclical stocks lagged, especially those in the energy sector amid a sharp pullback in oil prices-- Ostensible growth worries caused by cautious outlook from Fed yesterday and reports of increasing rates of coronavirus casesStocks slide as Trump calls out Fed for downbeat forecast Stocks are having their worst day in almost six weeks a day after the Federal Reserve offered a dour outlook on the prospects for a "V-shaped" economic recovery. The Fed's dovishness and tempering of the recent enthusiasm that had driven the major averages back to record levels is not being taken well by President Trump, who tweeted that the central bank is "wrong so often." Banks have been among the morning's worst performers after the central bank appeared to indicate that rates may not be raised again for two or more years, while other sectors that have surged in recent weeks - such as airlines, cruise operators, travel companies and energy-linked names - are giving up some of those gains today. ECONOMIC EVENTS: In U.S. data, initial jobless claims fell 355,000 to 1.54M in the week ended June 6, dropping the four-week moving average to about 2M from 2.29M. The Producer Prices Index report revealed a higher than expected 0.4% headline rise for the final demand measure despite a 0.1% decline for the core reading. Meanwhile, the latest data from the Johns Hopkins Whiting School of Engineering shows there are now 7.42M confirmed cases of COVID-19 worldwide, including over 2M in the U.S., and 417,546 deaths due to the disease. TOP NEWS: Shares of GrubHub ($GRUB) are about 5% higher at midday after Just Eat Takeaway.com ($TKAYY) confirmed an agreement to acquire 100% of the shares of Grubhub in an all-stock transaction. Grubhub shareholders will be entitled to receive American depositary receipts representing 0.6710 Just Eat Takeaway.com ordinary shares in exchange for each Grubhub share, representing an implied value of $75.15 for each Grubhub share and implying a total equity consideration of $7.3B. After the deal was announced, GrubHub CEO Matt Maloney said in an appearance on CNBC that his company's board had "a very easy decision to make" in taking a "much higher offer" with "much more deal certainty." A rival takeover bid from Uber ($UBER) was "dramatically different" and a "mid-60s" offer, which is well below the price that Just Eat was willing to pay, Maloney added. In news regarding the pharmaceutical fight against COVID, Moderna ($MRNA) announced progress on late-stage development of mRNA-1273, the company's mRNA vaccine candidate against COVID-19. Moderna said it has finalized the Phase 3 study protocol based on feedback from the FDA and that it expects dosing in the Phase 3 study to begin in July. Meanwhile, Regeneron ($REGN) announced initiation of the first clinical trial of REGN-COV2, its investigational dual antibody cocktail for the prevention and treatment of COVID-19. The REGN-COV2 clinical program will consist of four separate study populations: hospitalized COVID-19 patients, non-hospitalized symptomatic COVID-19 patients, uninfected people in groups that are at high-risk of exposure, and uninfected people with close exposure to a COVID-19 patient. MAJOR MOVERS: Among the noteworthy gainers were Zoom Video ($ZM) and Netflix ($NFLX), which both were among the best performing stocks during the height of the U.S. lockdowns and could be viewed as beneficiaries if the economy reopens more slowly than has recently been expected. Near noon, Zoom shares are up 2.5% while Netflix shares are fractionally higher. Among the notable losers were Norwegian Cruise Line ($NCLH) and Carnival ($CCL), which slid 17% and 16%, respectively. Also lower were American Airlines ($AAL), United Airlines ($UAL) and Delta Air Lines ($DAL), which were down 14%, 14%, and 12%, respectively.Source: (Briefing.com)(theFly.com) Disclosure: I may trade in the ticker symbols mentioned, both long or short. My articles represent my personal opinion and analysis and should not be taken as investment advice. Readers should do their own research before making decisions to buy or sell securities. Trading and investing include risks, including loss of principal. 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