Wall Street lost ground Thursday as influential technology stocks fell and once again steered the broader market.
- The S&P 500 fell 75.97 points, or 1.1%, to 6,720.32.
- The Dow Jones Industrial Average fell 398.70 points, or 0.8%, to 46,912.30.
- The Nasdaq composite fell 445.80 points, or 1.9%, to 23,053.99.
Technology stocks were the heaviest weights on the market, especially companies with huge values that give them outsize influence over the market's direction, the
AP reports. The sector has been leading the market either higher or lower throughout the week. Nvidia fell 3.7%, and Microsoft slipped 2%. Amazon fell 2.9%.
Corporate earnings and forecasts have been the big focus all week. DoorDash sank 17.6% for one of the sharpest drops on Wall Street. The food delivery app warned investors that it will be spending significantly more on product development next year. CarMax slumped 24.3% after giving investors a disappointing financial update and announcing that CEO Bill Nash is stepping down in December. Software company Datadog jumped 23.1% after its latest earnings beat analysts' forecasts. Rockwell Automation rose 2.7% after turning in results that easily beat analysts' forecasts.
The latest round of earnings is being closely monitored to gauge whether the stock market's big values are justified. The results are also helping to fill in gaps in information because of the US government shutdown, which is now the longest on record. Another week of unemployment data was missing Thursday because of the shutdown. It has already resulted in a lack of monthly employment data for September and will likely result in missing employment data for October, along with a lack of data on consumer prices for October.
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