Copyright reuters
SummaryCompaniesIndexes down: Dow 1.04%, S&P 500 1.13%, Nasdaq 1.81%Datadog gains after annual profit, revenue forecast raiseDoorDash slides after quarterly revenue miss Nov 6 (Reuters) - Wall Street's main indexes fell to near two-week lows on Thursday, as technology stocks came under fresh selling pressure, while U.S. tariff concerns and uncertainty around the health of the economy kept investors on edge. Most tech stocks declined as worries over stretched valuations resurfaced, after a brief respite on Wednesday. Warnings of a market pullback from Wall Street executives on Tuesday had prompted a sharp equity sell-off led by AI-linked stocks. Advertisement · Scroll to continueReport Ad Heavyweights Microsoft (MSFT.O), opens new tab and Nvidia (NVDA.O), opens new tab lost 1.8% and 3%, respectively, weighing on the information technology sector (.SPLRCT), opens new tab. The broader semiconductor index (.SOX), opens new tab was down 2.4%. Qualcomm (QCOM.O), opens new tab dipped 4.9% after the chip designer warned of a possible loss of business next year from its key customer, Samsung, but issued an upbeat forecast. DoorDash (DASH.O), opens new tab slumped 16.5% to the bottom of the S&P 500 after the delivery firm reported third-quarter profit below Wall Street expectations, while Tapestry (TPR.N), opens new tab lost 10.7% after forecasting holiday-quarter earnings below expectations. Advertisement · Scroll to continue The stocks weighed on the consumer discretionary sector (.SPLRCD), opens new tab, which fell 2.7%. Tesla (TSLA.O), opens new tab fell 4.5%, ahead of a shareholders' vote, where they will decide on CEO Elon Musk's heavy compensation among other proposals. "We have uncertainty from the Fed decision next month, on where the tariffs are going, with the government shutdown... the markets are a little bit cautious right now," said Dennis Dick, chief strategist at Stock Trader Network. "It's been an excellent couple of months for the market and a little bit of a corrective phase here is warranted." At 12:02 p.m. ET, the Dow Jones Industrial Average (.DJI), opens new tab fell 490.10 points, or 1.04%, to 46,820.90, the S&P 500 (.SPX), opens new tab lost 76.72 points, or 1.13%, to 6,719.71 and the Nasdaq Composite (.IXIC), opens new tab lost 424.46 points, or 1.81%, to 23,075.34. Ad Break Coming Up NEXT StayNext OffEnglish 180p288p360p480p540p576p720pHD1080pHDAuto (180p) About ConnatixV2143896119 About ConnatixV2143896119 Continue watchingafter the adVisit Advertiser websiteGO TO PAGE The longest U.S. government shutdown in history has led to investors and the Federal Reserve to rely on mixed private sector indicators ahead of December's monetary policy meeting. Global outplacement company Challenger, Gray & Christmas said on Thursday layoffs announced by U.S. employers surged in October, marking the highest level for the month in 22 years, while data from Revelio Labs showed the economy shed jobs last month. An estimate by the Chicago Fed showed U.S. jobless rate likely edged up in October to the highest in four years. The datasets were in contrast to Wednesday's strong ADP report, spurring uncertainty over the health of the U.S. labor market. Chicago Fed President Austan Goolsbee also reiterated his cautious stance on further rate cuts in the absence of official data. Comments from other Fed officials will also be parsed through the day. Investors assessed a bag of mixed corporate earnings. Datadog (DDOG.O), opens new tab topped the S&P 500 with a 22.2% surge after the cloud security firm raised its annual profit and revenue forecasts. Robinhood (HOOD.O), opens new tab dropped 8.9% after the online brokerage raised its forecast for fiscal-year operating expenses. Drugmakers Eli Lilly and Novo Nordisk unveiled a deal to slash the prices of popular GLP-1 weight‑loss drugs for the government's Medicare and Medicaid programs, and for cash payers. Eli Lilly (LLY.N), opens new tab extended gains to trade 1.8% higher, while U.S.-listed shares of Novo Nordisk were flat in choppy trading. Among others, DraftKings (DKNG.O), opens new tab was up 8.9% after a Bloomberg News report that Disney (DIS.N), opens new tab signed the company as ESPN's new sports-betting partner. Declining issues outnumbered advancers by a 2.01-to-1 ratio on the NYSE and by a 2.77-to-1 ratio on the Nasdaq. The S&P 500 posted 16 new 52-week highs and 20 new lows while the Nasdaq Composite recorded 70 new highs and 190 new lows. Reporting by Twesha Dikshit and Purvi Agarwal in Bengaluru; Editing by Krishna Chandra Eluri Purchase Licensing Rights Get the key points from this story with Reuters AI
