Stocks fell on Thursday, giving back some of the gains from the previous session, as investors weighed the latest quarterly results from Walmart and monitored simmering tensions between the U.S. and Iran.
The Dow Jones Industrial Average sank 225.11 points to 49,437.55.
The S&P 500 moved down 19.87 points to 6,861.44.
The NASDAQ ditched 26.22 points to 22,727.42.
Losses were kept in check by Walmart shares, which were higher after the company’s fourth-quarter results exceeded analyst expectations. However, its full-year earnings outlook fell short.
Investors remained on edge as crude prices extended gains amid a standoff between Iran and the U.S. over the former’s nuclear program.
Alongside asset managers, software was another area under pressure. Salesforce shares were lower by more than 1%, while Intuit shares fell 2%. Shares of Cadence Design Systems declined 3%.
The group has become a sore spot for the market lately as investors fear that artificial intelligence will disrupt the industry. In fact, Mistral AI CEO Arthur Mensch told the media Wednesday that more than 50% of enterprises’ software could be replaced by the technology.
Prices for the 10-year Treasury slid, bringing yields up to 4.08% from Wednesday’s 4.07%. Treasury prices and yields move in opposite directions.
Oil prices regained $1.60 Thursday to $66.79 U.S. a barrel.
Gold prices gained $2.70 to $5,012.20 U.S. an ounce.
