Technology, Communication Services Push US Equity Indexes Lower

MT Newswires Live01:08

US equity indexes fell midday Thursday as a decline in all but one of the Magnificent-7 stocks helped push technology and communication services lower.

The Nasdaq Composite slumped 1.7% to 22,702.1, the S&P 500 dropped 1.1% to 6,867.2, and the Dow Jones Industrial Average retreated 0.9% to 49,691.5.

Technology, financials, communication services, and consumer discretionary were the worst performers. Only four sectors rose, led by utilities and consumer staples.

Amazon.com (AMZN) led the Mag-7 pack on the downside, down 2.8%, according to data compiled by Finviz.

In company news, AppLovin (APP) received several price-target downgrades from Wall Street firms such as Citigroup, Morgan Stanley, Wells Fargo, Goldman Sachs, and JPMorgan after the company released Q4 results overnight. Shares of AppLovin sank 19%, the worst performer on the S&P 500 and Nasdaq.

The Dow's steepest decliner was Cisco (CSCO), down 11% after the tech giant released fiscal Q2 results overnight. The networking equipment maker projected its adjusted gross margin will be lower in fiscal Q3 amid rising memory prices.

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