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U.S. stocks fell on Thursday as investors digested a batch of Big Tech earnings, while a meeting between President Donald Trump and Chinese President Xi Jinping concluded.
The Dow Jones Industrials index waned 110.17 points Thursday to 47,521.83
The S&P 500 dipped 68.23 points, or 1%, to 6,822.36
The NASDAQ swooned 377.33 points, or 1.6%, to 23,581.14
Megacap tech giants Alphabet, Meta and Microsoft each reported quarterly results after market close Wednesday. While Alphabet shares popped 2.5% on the back of strong results, shares of Meta cratered 11% and Microsoft tumbled roughly 3%.
Investors grew worried about the increased spending outlooks for both Meta and Microsoft.
The drop in Meta and Microsoft, as well as artificial intelligence chip giant Nvidia, marked a rotation out of technology stocks in the session.
While those were lower, bank stocks such as JPMorgan and Bank of America saw gains, as did health-care stocks on the heels of Eli Lilly’s stronger-than-expected quarterly results and guidance raise.
Shares of Eli Lilly were up almost 4%.
Prices for the 10-year Treasury lost ground, lifting yields to 4.09% from Wednesday’s 4.09%. Treasury prices and yields move in opposite directions.
Oil prices ditched 22 cents to $60.26 U.S. a barrel.
Gold prices recovered $35.90 to $4,036.60 U.S. an ounce.
