A widespread washout for US stocks dragged Wall Street lower on Thursday.
- The Dow fell 533.06 points, or 1.3% to 40,665.02.
- The S&P 500 fell 43.68 points, or 0.8%, to 5,544.59, pulling further from its all-time high set on Tuesday.
- The Nasdaq fell 125.70 points, or 0.7%, to 17,871.22.
As they did the day before, when the Nasdaq tumbled to its worst loss since 2022, several Big Tech stocks led the market lower, the
AP reports. Drops of 2% for Apple, 2.2% for Amazon, and 0.7% for Microsoft were three of the heaviest weights on the S&P 500.
Unlike much of the last week, though, Thursday's losses hit many corners of the market. Smaller stocks, which had been cranking higher after badly lagging their larger rivals, fell more than the rest of the market. The majority of stocks within the S&P 500 also fell after giving up gains from earlier in the day. The sharpest loss came from Domino's Pizza, which dropped 13.6% despite topping analysts' expectations for profit in the spring. The chain temporarily suspended its forecast for how many stores will open globally over the long term. While that's likely due to reasons beyond the company's control, analysts said it could frustrate investors.
Darden Restaurants, the company behind Olive Garden and LongHorn Steakhouse, sank 3%. It said it would buy the Chuy's Tex-Mex chain in an all-cash deal valuing it at $605 million. Chuy's stock jumped 47.8%. Stocks of chip companies stabilized a bit after tumbling a day earlier amid worries about potentially worsening tensions with China. US-traded shares of Taiwan Semiconductor Manufacturing Co. rose 0.4% after the industry giant reported stronger profit for the latest quarter than analysts expected. It bounced back from its loss of 8% the prior day but only after swerving between gains and losses. Nvidia rose 2.9% after likewise flipping between gains and losses through the day. It stretched its gain for the year to nearly 145%. (More stock market stories.)