NEW YORK (AP) — Wall Street took a pause on Thursday as U.S. stocks and even the price of gold pulled back from record highs following torrid runs.
The S&P 500 slipped 0.3% from its latest all-time high for just its second loss in the last 10 days. The Dow Jones Industrial Average dropped 243 points, or 0.5%, and the Nasdaq composite edged down by 0.1%.
Gold also fell following its stellar rally this year, losing 2.4% to drop back below $4,000 per ounce, while Treasury yields held relatively steady in the bond market. They’re taking a moment following big runs driven in large part by expectations that the Federal Reserve will cut interest rates to support the economy.
Financial markets have been climbing so relentlessly, including a 35% leap for the S&P 500 from a low in April, that worries are rising that prices may have shot too high and become too expensive. Concerns are particularly strong about the frenzy lifting stocks related to artificial-intelligence technology.
Dell Technologies sank 5.2% for the biggest loss in the S&P 500, but that only trimmed its surge since talking up its AI growth opportunities at an investment conference earlier in the week. The stock is still up nearly 11% for the week so far.