05.02.202614:46:12UTC+00S&P 500, Nasdaq Slide for 3rd Straight Session

On Thursday, the S&P 500 fell by 0.9% and the Nasdaq decreased by 0.7%, marking the third straight day of losses. The Dow Jones Industrial Average also experienced a significant decline, dropping over 200 points. The sectors that led these declines included consumer discretionary, energy, materials, and communication services. As investors continued to assess the latest corporate earnings reports, the technology sector struggled with ongoing worries about artificial intelligence-related disruptions and high valuations.

Meanwhile, labor market data revealed that U.S. companies announced 108,400 job cuts, the highest figure for January since 2009. Initial jobless claims increased to 231,000. Among individual stocks, Alphabet fell by 2.6% after indicating a substantial rise in AI-related spending for the year. Qualcomm plummeted nearly 9% following a disappointing outlook, and Amazon declined by 3.2% as it prepared to release its earnings after the market closed. Other major tech names also experienced losses, including Microsoft (-2.9%), Apple (-0.8%), Meta (-0.2%), Tesla (-1.8%), and Eli Lilly (-5.1%). In contrast, Nvidia defied the broader downward trend, gaining 0.7%.