In a continuation of its recent downward trend, the S&P 500 recorded its fifth-straight session of declines, falling 0.2% on Thursday. This marks the index's longest losing streak since October 23, despite being down only about 4.6% from its record close on March 28.

Meanwhile, the Dow Jones Industrial Average experienced a modest gain of approximately 25 points, or 0.1%. On the other hand, the Nasdaq Composite struggled, dropping 0.5% during Thursday's session. The decline in technology stocks was attributed to the climb in bond yields.

Bond markets witnessed increased activity, with the 2-year Treasury yield reaching a 3 p.m. ET close of 4.988%, briefly crossing the 5% mark. This is the highest level the 2-year yield has reached at 3 p.m. since November 13, as reported by Dow Jones Market Data. At the same time, the 10-year Treasury yield rose to 4.646%.

Investors were also closely monitoring economic data and earnings reports, which failed to provide a boost to the stock market. Additionally, comments from Federal Reserve officials came across as hawkish, further unsettling market sentiment.

The inability of the S&P 500 to sustain morning gains has become a recurring theme, with this being the fourth occurrence this week. The volatility in the market, coupled with concerns over rising bond yields impacting technology stocks, has created a challenging environment for investors.

As investors keep a close eye on market developments, it remains to be seen whether the S&P 500 can reverse its losing streak and regain positive momentum in the coming sessions.