2018.04.1920:36:00UTC+00Wall Street Retreats as Tech, Consumer Staples Drop

U.S. stocks closed lower on Thursday, with consumer staples, real estate and technology shares leading the losses.

The Dow Jones industrial average closed 83.18 points lower at 24,664.86, with Apple among the worst-performing stocks in the index. The S&P 500 fell 0.6 percent to 2,693.13 with technology and consumer staples dropping 1.1 percent and 3.1 percent, respectively. The Nasdaq composite lost 0.8 percent at 7,238.06.

Investors continued to price in a mixed bag of corporate earnings. While results have largely come in ahead of expectations thus far, there have been some disappointments, and others haven't produced the kind of blowout results seen necessary to continue pushing shares higher from elevated levels.

Stocks extended their decline as Treasurys sold off, pushing the yield on the 10-year note rose 0.3 percent towards a 2018 high. Stocks closed off the lows after a news report said that President Donald Trump was told that he isn't a target of the probe being conducted by Special Counsel Robert Mueller into whether Trump's campaign team colluded with Russia in the run-up to the 2016 presidential election.

Taiwan Semiconductor Manufacturing said it expects second-quarter revenue to range between $7.8 billion and $7.9 billion, well below a Wall Street consensus estimate of $8.8 billion.

The announcement weighed on the entire technology sector. Shares of Apple dropped 2.8 percent, while Nvidia, Micron and Advanced Micro Devices all lost at least 2.4 percent. The VanEck Vectors Semiconductor ETF (SMH) fell 4.5 percent in its worst day since Dec. 1, 2016.

The corporate earnings season continued on Thursday, as Procter & Gamble, Bank of New York Mellon and Blackstone all posted better-than-expected earnings. Procter & Gamble, however, fell 3.3 percent.