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 Shares of Ideaya Biosciences Inc. soared in its public debut, then pared most of its gains, biotechnology company focused on cancer treatments debuted as the broader stock market slumped. The first trade in Ideaya's stock was at $14.00 at 10:57 a.m. Eastern, 40% above the $10 initial public offering price. The stock was last 9.9% above the IPO price at $10.99. Meanwhile, the iShares Nasdaq Biotechnology ETF was down 1.3%, the Renaissance IPO ETF was shedding 2.3% and the S&P 500 was losing 1.7%. The company sold 5 million shares in the IPO to raise $50 million, as the IPO pricing implied a market capitalization of about $194.8 million. The company recorded a net loss of $34.3 million and no sales in 2018, compared with a 2017 loss of $11.9 million on no revenue.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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 U.S. stock indexes slumped 2% on Thursday, as investors dumped technology, industrial and energy stocks on fears that a spiraling trade war between the United States and China would shackle global growth.
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The 10-year Treasury yield temporarily fell below 2.30% after a dramatic rally in the bond market sent yields for government paper lower. The 10-year yield traded at 2.304%, after touching an intraday nadir of 2.294%. The 2-year note yield fell 10 basis points to 2.07%, while the 30-year bond yield slipped 8.6 basis points to 2.733%. Debt prices move in the opposite direction of yields. Bond investors are showing increased conviction that global growth concerns, subdued inflation and trade uncertainty will push the Federal Reserve to cut interest rates this year. The slump in stocks was also driving market participants into the safety of government paper, with the S&P 500 and the Dow Jones Industrial Average down more than 1% on Thursday.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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 U.S. equities are in retreat as a U.S.-China trade spat simmered and the Fed failed to give stocks a lift from the minutes of the latest meeting.
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 * Indexes fall: Dow 1.39%, S&P 1.33%, Nasdaq 1.51%
(Changes comment, updates prices)
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A sharp oil drop and news of record U.S. oil production sparked a sell-off in oil services stocks.
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* Indexes fall: Dow 1.71%, S&P 1.72%, Nasdaq 2.09%
(Updates to early afternoon)
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Energy stocks were leading the broader stock market's declines Thursday, as crude oil prices suffered a second-straight sharp selloff amid concerns over both weaker demand and increased supply. The SPDR Energy Select Sector ETF droppped 3.3% toward a 4 1/2-month low, and was by far the biggest decliners of the SPDR ETFs tracking the S&P 500's 11 sectors, while the S&P 500 shed 1.3%. All 29 of the ETF's (XLE) equity components were losing ground, led by shares of Hess Corp. , down 6.8% and Diamondback Energy Inc. , down 6.1%. Among other more active XLE components, shares of Occidental Petroleum Corp. gave up 2.5%, Halliburton Co. shed 5.2%, Exxon Mobil Corp. lost 2.4%, Chevron Corp. shed 2.6% and Kinder Morgan Inc. declined 1.9%. Crude oil futures dropped 4.2%, after falling 2.7% on Wednesday.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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Names on the move ahead of the open.
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Both a tight labor market and concern among businesses about their profit margins should boost inflation as the year unfolds, San Francisco Fed President Mary Daly said on Thursday. In an interview with the Fox Business Network, Daly said she expects inflation to move to the Fed's 2% target, but not above that level. After hovering just below 2% last fall, the Fed's favorite measure of core inflation, the personal consumption expenditure index, fell to a 1.6% annual rate in March. Daly said she expects a tight labor market and steady, if subdued, growth will continue to push up wages, and this will put some upward pressure on prices. At the same time, businesses are "starting to think" about passing along "certain" price increase to customers to protect their profitability, she said.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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