Stocks retreated on Thursday, with technology stocks coming under pressure for another day. Investors also grew pessimistic about the interest rate outlook.
The Dow Jones Industrial index lost 797.84 points, or 1.7%, to 47,456.98, for its worst day since Oct. 10.
The S&P 500 gave back 113.38 points, or 1.7%, to 6,737.54, and saw notable declines in the communication services sector, led by Disney falling 7% on results for the company’s fiscal fourth quarter, as well as information technology.
The NASDAQ pulled back 536.10 points, or 2.3%, to 22,870.36.
Investors continued to sell shares of technology companies, especially those in the artificial intelligence trade, amid worries about their valuations.
Despite the NASDAQ starting off the week strong, the tech-heavy index was on track to close with a third straight day of losses Thursday, weighed down by heavyweights Nvidia, Broadcom and Alphabet
Despite the NASDAQ starting off the week strong, pressure has since resumed as investors continued to sell shares of technology companies, especially those in the artificial intelligence trade, amid worries about their valuations.
The tech-heavy index was on track to close with a third straight day of losses Thursday, weighed down by heavyweights Nvidia, Broadcom and Alphabet.
Disney was one the key laggards during the session as well, with shares falling 9% on mixed results for the company’s fiscal fourth quarter.
Wednesday again saw a divergence between tech stocks and other groups.
Prices for the 10-year Treasury lost strength, raising yields to 4.12% from Wednesday’s 4.07%. Treasury prices and yields move in opposite directions.
Oil prices gained 13 cents to $58.62 U.S. a barrel.
Gold prices ditched $34.40 to $4,179.20 U.S. an ounce.
