Major U.S. stock indexes closed lower on Thursday, breaking a four-session winning streak as weak earnings from Google parent Alphabet weighed heavily on technology shares, and a selloff in Caterpillar impacted the Dow Jones Industrial Average.
Major Indexes Slip Despite Broad Market Gains
The tech-heavy Nasdaq Composite dropped 365.13 points, or 1.38%, to finish at 26,184.72. The S&P 500 lost 23.59 points, or 0.30%, to end at 7,720.39, while the Dow Jones Industrial Average retreated 132.54 points, or 0.25%, closing at 52,342.56.
Despite the downward pull on the headline indices, broader market participation remained strong. Internal breadth indicators showed that 406 out of the S&P 500's 503 components—representing 81% of the index—finished the session higher. Additionally, 23 of the 30 stocks in the Dow gained ground, and nine of the S&P 500's 11 key sectors finished in positive territory.
Broader market support was further reinforced by economic data released during the session indicating that the U.S. economy grew slightly faster than anticipated in the third quarter. Meanwhile, September inflation data matched expectations despite a slight increase from the previous month. This inline inflation report helped ease bond market pressures, pushing the yield on the 10-year Treasury note down by 0.056 percentage points to 4.988% and snapping its four-day streak of increases.
