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Stocks drop for 2nd day as Yellen speech looms

Adam Shell
USA TODAY

U.S. stocks ended lower Thursday as investors await a key speech on monetary policy tomorrow from the head of the U.S. Federal Reserve.

A trader works at his computer on the floor of the New York Stock Exchange on Aug. 11, 2016.  (Photo by Drew Angerer/Getty Images)

The Dow Jones industrial average ended down 33 points, or 0.2%. The broader Standard & Poor's 500 stock index lost 0.1% lower and the Nasdaq composite finished down 0.1%.

Low rates have been a key underpinning of the bullish thesis for stocks -- which continue to hover near all-time highs. Wall Street will be closely listening Friday to Fed Chair Janet Yellen's comments related to the timetable for coming interest rate hikes at a high-profile symposium in Jackson Hole, Wyo. The Fed has held interest rates steady this year, after hiking rates off zero in December for the first time in nearly a decade.

Here's what to expect from Fed Chair Yellen's speech at Jackson Hole

All three major U.S. stock indexes remain within striking distance of their record closing highs set earlier this month.

The yield on the 10-year U.S. Treasury note ticked up to 1.57% in early trading from 1.56% Wednesday ahead of Yellen's key speech on monetary policy tomorrow.

In economic news, durable goods orders for long-lasting products like refrigerators and commercial aircraft, jumped 4.4% in July, topping expectations.

On the individual stock front, shares of drugmaker Mylan (MYL) fell 0.7% after the company responded to the controversy surrounding a sharp price hike on its EpiPen -- a life-saving allergy shot -- by offering consumers a rebate in the form of a savings coupon that the company says will cut the cost of the drug in half.

EpiPen maker to offer discounts after firestorm

Shares of high-end retailer Tiffany (TIF) ended 6.4% higher after it posted earnings per share that topped quarterly expectations and reaffirmed its guidance, despite a 8% drop in sales at stores.

Stocks in Europe were under pressure after a reading on Germany's economy came in weak. The broad Stoxx Europe 600 was down 0.8%, the DAX index in Germany was off 0.9% and the CAC 40 in Paris was 0.7% lower.

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