Stock market today: Indexes close lower as tech stocks tumble
Apple; Getty Images; Chelsea Jia Feng/BI
- Indexes closed lower on Thursday, led by a slide in tech stocks like Apple.
- The Nasdaq slipped almost 1%, while the Dow and S&P 500 fell slightly.
- The losses come after strong gains on Wednesday after cool CPI and strong bank earnings.
US stocks dipped Thursday, led by a slide in tech stocks like Apple to partially erase strong gains from Wednesday.
The tech-heavy Nasdaq slipped almost 1%, while the Dow Jones Industrial Average and benchmark S&P 500 fell slightly.
Bond yields fell, with the 10-year Treasury yield down about three basis points to 4.615%. The yield slipped after Federal Reserve governor Christopher Waller said he sees rate cuts in the first half of this year if inflation keeps easing.
Here's where US indexes stood at the 4:00 p.m. closing bell on Thursday:
- S&P 500: 5,937.34, down 0.21%
- Dow Jones Industrial Average: 43,188.38, down 0.08% (-33.17 points)
- Nasdaq composite: 19,338.29, down 0.89%
Megacap tech stocks led the drop, with Apple shares down more than 3% for their worst daily drop since August. Tesla similarly fell 3%, while Nvidia dropped almost 2% and Alphabet lost more than 1%.
The losses break the S&P 500's three-day win streak, and come after all three major indexes posted stellar gains on Wednesday after encouraging inflation data and a slew of strong earnings reports from big banks.
Meanwhile, fresh retail data showed sales were up 0.4% in December, slightly below consensus estimates for a 0.5% increase.
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In commodities, bonds, and crypto:
- West Texas Intermediate crude oil fell 1.7% to $78.63 a barrel. Brent crude, the international benchmark, was down 0.8% to $81.31 a barrel.
- Gold was up 1% to $2,746 an ounce.
- The 10-year Treasury yield fell three basis points to 4.615%.
- Bitcoin was about flat at $100,193