Copyright Arkansas Online
NEW YORK -- Wall Street lost ground Thursday as influential technology stocks fell and once again steered the broader market. The technology sector has been the driving force behind the market's direction, whether up or down, all week. Thursday's losses pushed nearly every major index solidly into weekly losses. If that momentum holds on Friday, it would break a three-week winning streak for the S&P 500, the Dow Jones Industrial Average and the Nasdaq composite. The S&P 500 fell 75.97 points, or 1.1%, to 6,720.32. The Dow fell 398.70 points, or 0.8%, to 46,912.30. The Nasdaq fell 445.80 points, or 1.9%, to 23,053.99. The biggest weights on the market included Nvidia, which fell 3.7%, and Microsoft, which fell 2%. Their huge values give them outsized influence over the market's direction. Other big stocks dragging down the market included Amazon, which slumped 2.9%. Corporate earnings and forecasts remained the big focus for Wall Street on Thursday. The latest round of results and statements from executives could help shed some light on the condition and path ahead for the economy amid a lack of broader information on inflation, employment and retail sales because of the ongoing government shutdown. DoorDash sank 17.5% 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. It has been a wobbly week for major indexes, which set record highs last week. The broader stock market has had a record-setting year, but that has raised worries that stocks could be overvalued. Those concerns are even more focused on big technology companies that have been leading the market higher amid the focus on artificial intelligence advancements. 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 U.S. 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. Outside of company updates, Wall Street is relying more on economic updates from other private sources. Private payrolls rose more than expected in October, according to a report Wednesday from ADP, and the services sector expanded in October, according to the Institute for Supply Management. The data can vary widely, however. Job cuts in the U.S. surged 175% in October from a year ago, according to a report released Thursday from outplacement firm Challenger, Gray & Christmas. The reasons include softer consumer and corporate spending, rising costs, and the adoption of artificial intelligence.
