Drops for Tesla, Netflix, and other big tech-oriented stocks are clamping the brakes on Wall Street’s torrid rally.
The S&P 500 fell 0.7 percent Thursday, coming off its highest close since early April 2022 and its seventh gain in the last eight days. The Nasdaq lost 2.1 percent, its biggest drop in more than four months. The Dow was an outlier and rose 163 points, or 0.5 percent, because it has less of an emphasis on tech stocks.
Tesla tumbled amid worries about how much cuts to prices will hurt its future profits. Netflix sank after a key measure of revenue declined.
On Thursday:
The S&P 500 fell 30.85 points, or 0.7 percent, to 4,534.87.
The Dow Jones Industrial Average rose 163.97 points, or 0.5 percent, to 35,225.18.
The Nasdaq composite fell 294.71 points, or 2.1 percent, to 14,063.31.
The Russell 2000 index of smaller companies fell 17.73 points, or 0.9 percent, to 1,967.16.
For the week:
The S&P 500 is up 29.45 points, or 0.7 percent.
The Dow is up 716.15 points, or 2.1 percent.
The Nasdaq is down 50.40 points, or 0.4 percent.
The Russell 2000 is up 36.07 points, or 1.9 percent.
For the year:
The S&P 500 is up 695.37 points, or 18.1 percent.
The Dow is up 2,077.93 points, or 6.3 percent.
The Nasdaq is up 3,596.82 points, or 34.4 percent.
The Russell 2000 is up 205.91 points, or 11.7 percent.
