U.S. stock indexes fell modestly in early trading Thursday as investors weighed the implications of a decision by the European Central Bank to leave its key interest rates unchanged and hold off on extending a stimulus program. Technology companies, retailers and other consumer-focused stocks were among the biggest decliners. Energy stocks were up the most as oil prices rose.
KEEPING SCORE: The Dow Jones industrial average fell 58 points, or 0.3 percent, to 18,467 as of 10:18 a.m. Eastern time. The Standard & Poor’s 500 index slid 6 points, or 0.3 percent, to 2,179. The Nasdaq composite index lost 26 points, or 0.5 percent, to 5,257. The tech-heavy index set all-time highs on Tuesday and Wednesday.
NO ACTION: The European Central Bank decided to leave its key interest rates unchanged. It also said it would not extend the duration of its bond-buying stimulus program. Investors were looking ahead to what ECB President Mario Draghi will say at an upcoming news conference.
BAD OUTLOOK: Tractor Supply slumped 16.3 percent after the farm equipment retailer said its business is being hurt by cuts in oil, gas and coal production, declining outlays by farmers and weak spending on wood stoves and heating fuel for this fall and winter. The stock was the biggest decliner in the S&P 500 index, shedding $13.57 to $69.69.
ROUGH REPORT: Pier 1 Imports tumbled 15.7 percent after the home decor retailer gave weak quarterly guidance and said its president and CEO will be leaving the company at the end of the year by mutual agreement with the board. The stock slid 77 cents to $4.03.