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% Thursday, coming off its highest close since early April 2022 and its seventh gain in the last eight days. The Nasdaq lost 2.1%, its biggest drop in more than four months. The Dow was an outlier and rose 163 points, or 0.5%, 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%, to 4,534.87.
The Dow Jones Industrial Average rose 163.97 points, or 0.5%, to 35,225.18.
The Nasdaq composite fell 294.71 points, or 2.1%, to 14,063.31.
The Russell 2000 index of smaller companies fell 17.73 points, or 0.9%, to 1,967.16.
For the week:
The S&P 500 is up 29.45 points, or 0.7%.
The Dow is up 716.15 points, or 2.1%.
The Nasdaq is down 50.40 points, or 0.4%.
The Russell 2000 is up 36.07 points, or 1.9%.
For the year:
The S&P 500 is up 695.37 points, or 18.1%.
The Dow is up 2,077.93 points, or 6.3%.
The Nasdaq is up 3,596.82 points, or 34.4%.
The Russell 2000 is up 205.91 points, or 11.7%.
Sourse: abcnews.go.com
