Stocks shed early gains and finished broadly lower on Wall Street Thursday as traders reviewed the latest round of earnings reports from several big US companies. The Dow fell 368 points to 34,792, the S&P 500 fell 65 points to 4,393, and the Nasdaq fell 278 points to 13,174. Most of the 11 sectors in the benchmark S&P 500 index were down, with technology stocks accounting for a big share of the decline. Pricey valuations for many of the bigger technology companies give them more sway in directing the broader market higher or lower, per the AP. Microsoft fell 1% and chipmaker Nvidia slid 5.5%.
American Airlines gained 5% after telling investors it expects to turn a profit in the second quarter as more people return to travel. That upbeat outlook helped push rival airlines higher, as well as some other companies within the travel industry. Carnival rose 0.2%. Tesla rose 4.2% after after the maker of electric cars and solar panels reported strong sales and a seven-fold increase in profits despite global supply chain kinks. The broader market has had a choppy week, though major indexes are still on track for weekly gains. Investors are reviewing the latest round of corporate earnings amid lingering concerns about rising inflation and the Federal Reserve's shift away from an ultra-low interest rate policy.
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