Banks and other financial companies led U.S. stocks lower in morning trading Thursday as the market gave up some gains from its latest record-high close a day earlier. Technology and materials stocks were also among the biggest decliners. Utilities bucked the broader market slide. Investors were sizing up the latest batch of company earnings.
KEEPING SCORE: The Dow Jones industrial average slipped 42 points, or 0.2 percent, to 21,072 as of 11:13 a.m. Eastern Time. The Standard & Poor’s 500 index fell 10 points, or 0.4 percent, to 2,385. The Nasdaq composite index slid 30 points, or 0.5 percent, to 5,873. The stock market was coming off its biggest single-day gain in nearly four months.
THE QUOTE: “Equities have come a long way year-to-date and have been on a pace that’s unsustainable,” said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management. “We’re due for a little bit of a pullback.”
OH, SNAP: The parent company of the messaging app Snapchat soared 45 percent in its stock market debut. Snap’s stock surged to $25.50 in the first few minutes of trading on the New York Stock Exchange, far above its opening price of $17.
UNAPPETIZING OUTLOOK: Kroger slid 3.3 percent after the supermarket operator said business conditions in the first half of 2017 will remain difficult due to low food prices. The stock fell $1.07 to $30.99.