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U.S. equities fell on Thursday following a record-setting session in blue-chips closed above 23,000 for the first time.
The Dow Jones Industrials index faded 93.05 points from Wednesday’s all-time record to 23,064.55. Shares of Nike declined 0.4% in early trade after analysts at Goldman Sachs downgraded the stock to neutral from buy.
Tech giant Apple saw its stock decline 2.6%, amid reports of lower iPhone 8 orders.
The S&P 500 let go of 12.53 points to 2,548.68, with information technology dropping 1% to lead decliners. Shares of Philip Morris fell nearly 4% and were among the worst performers on the index after posting weaker-than-expected earnings.
The NASDAQ faltered 61.89 points to 6,562.33. Facebook, Google-parent Alphabet, Netflix and Amazon all fell more than 1%.
The move lower on equities took place exactly 30 years after "Black Monday," the worst day in U.S. stock-market history. On that day, the
S&P 500 plunged 20.5% and the Dow dropped 22.6%
Wall Street also continued to digest corporate earnings reports.
EBay reported better-than-expected quarterly revenue along with earnings per share that met expectations. However, the company reported mixed guidance for the fourth quarter, sending the stock down 3.2%.
Insurance giant Travelers posted quarterly earnings per share that easily beat Wall Street expectations. United Continental also reported a better-than-expected profit.
This earnings season is off to a good start, with approximately 80% of S&P 500 components having beaten on the bottom line
Prices for the benchmark 10-year Treasury note revived, lowering yields to 2.3% from Wednesday’s 2.34%. Treasury prices and yields move in opposite directions.
Oil prices skidded 69 cents a barrel to $51.35 U.S.
Gold prices regained $6.20 an ounce to $1,289.20 U.S.
