Stocks faltered Thursday as investors weighed the latest corporate earnings reports, including strong results from Meta Platforms.
The Dow Jones Industrials stumbled 231.43 points to 40,611.38.
The S&P 500 index slid 5.8 points, or 1.6%, to 5,516.50.
The NASDAQ fell 14.52 points to 17,584.88.
Meta Platforms rallied about 10% on stronger-than-expected second-quarter results and upbeat guidance, while Shake Shack jumped more than 19% after posting a revenue beat. Arm Holdings, meanwhile, slid 11% after offering an underwhelming current-quarter guide. Moderna plunged nearly 15% after slashing its full-year sales guidance.
Stocks are coming off a winning session that saw the S&P 500 rally 1.6% for its best day since February. The NASDAQ popped more than 2%, while the 30-stock Dow closed slightly higher.
Those gains came as Federal Reserve Chair Jerome Powell signaled the central bank could cut at its next meeting if the data continues supporting the narrative that inflation is easing. The Fed held interest rates steady.
Prices for the 10-year Treasury gained, with yields falling to 3.97% from Wednesday’s 4.06%. Treasury prices and yields move in opposite directions.
Oil prices wilted 23 cents at $77.68 U.S. a barrel.
Gold prices shone brighter $21.80 to $2,494.80.
