NEW YORK (AP) — Wall Street lost ground Thursday as influential technology stocks fell and once again steered the broader market.
The technology sector has been the driving force behind the market’s direction, whether up or down, all week. Thursday’s losses pushed nearly every major index solidly into weekly losses. If that momentum holds on Friday, it would break a three-week winning streak for the S&P 500, the Dow Jones Industrial Average and the Nasdaq composite.
The S&P 500 fell 75.97 points, or 1.1%, to 6,720.32. The Dow fell 398.70 points, or 0.8%, to 46,912.30. The Nasdaq fell 445.80 points, or 1.9%, to 23,053.99.
The biggest weights on the market included Nvidia, which fell 3.7%, and Microsoft, which fell 2%. Their huge values give them outsized influence over the market’s direction. Other big stocks dragging down the market included Amazon, which slumped 2.9%.
Corporate earnings and forecasts remained the big focus for Wall Street on Thursday. The latest round of results and statements from executives could help shed some light on the condition and path ahead for the economy amid a lack of broader information on inflation, employment and retail sales because of the ongoing government shutdown.