Drops in big tech companies including Microsoft and Facebook’s parent company Meta Platforms led Wall Street lower.
The S&P 500 fell 1.9% Thursday, its worst day in eight weeks. The Dow Jones Industrial Average dropped 0.9%, and the Nasdaq composite tumbled 2.8%.
Both Microsoft and Meta delivered better profit than forecast for the latest quarter, but investors were expecting even more from them. Other influential Big Tech stocks also fell and were among the market’s heaviest weights, including Nvidia, Amazon and Apple. Treasury yields wavered in the bond market following some mixed reports on the economy.
On Thursday:
The S&P 500 fell 108.22 points, or 1.9%, to 5,705.45.
The Dow Jones Industrial Average fell 378.08 points, or 0.9%, to 41,763.46.
The Nasdaq composite fell 512.78 points, or 2.8%, to 18,095.15.
The Russell 2000 index of smaller companies fell 36.38 points, or 1.6%, to 2,196.65.
For the week:
The S&P 500 is down 102.67 points, or 1.8%.
The Dow is down 350.94 points, or 0.8%.
The Nasdaq is down 423.45 points, or 2.3%.
The Russell 2000 is down 11.34 points, or 0.5%.
For the year:
The S&P 500 is up 935.62 points, or 19.6%.
The Dow is up 4,073.92 points, or 10.8%.
The Nasdaq is up 3,083.80 points, or 20.5%.
The Russell 2000 is up 169.58 points, or 8.4%.
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