The S&P 500 Index ($SPX) (SPY) Thursday closed down -0.78%, the Dow Jones Industrials Index ($DOWI) (DIA) closed down -1.29%, and the Nasdaq 100 Index ($IUXX) (QQQ) closed down -0.48%.
Stock indexes Thursday gave up an early advance and retreated, with the S&P 500 posting a 2-week low and the Nasdaq 100 dropping to a 3-week low. A slump in mega-cap technology stocks and money-center banks weighed on the overall market. Stocks on Thursday initially opened higher, with the Dow Jones Industrials posting a new record high, on a rebound in chip stocks after Taiwan Semiconductor Manufacturing Co, provider of chips to Apple and Nvidia, reported better-than-expected Q2 results and lifted projections for 2024 revenue growth.
