S&P 500, Nasdaq Pull Back from Record Highs
US stocks pulled back on Thursday as investors paused to digest optimism around AI, interest-rate cuts, and the ongoing government shutdown.
The S&P 500 lost 0.3%, the Nasdaq 100 down 0.1%, retreating from record highs reached in the prior session, and the Dow Jones fell 243 points. Market sentiments fell due to the shutdown, which has delayed key economic data, shifting focus to upcoming third-quarter earnings for insights into the economy and the AI-driven rally.
Apple, Alphabet, Tesla, and Walmart all lost more than 0.7%, while PepsiCo rose 4.2% after stronger-than-expected revenue and earnings. Delta Air Lines jumped 4.3% on upbeat forecasts, Nvidia gained 1.8% as the US approved billions in chip exports to the UAE, and Costco climbed 3.1% on solid September sales. Investors are also eyeing the Federal Reserve, with markets pricing in a high likelihood of 25-basis-point rate cuts in October and December amid labor market concerns.
Source: Tradingeconomics.com