Stocks retreated from record highs set a day earlier as large companies delivered weak earnings reports and disappointing forecasts.
Technology stocks sustained the steepest declines throughout the day Thursday. Digital payments company PayPal slid after cutting its revenue forecast. Facebook dropped after the company said it’s being investigated over allegedly anticompetitive behavior. Tesla slumped after reporting a loss in its latest quarter that was much larger than analysts were expecting.
The S&P 500 fell 15.89 points, or 0.5%, to 3,003.67.
The Dow Jones Industrial Average fell 128.99 points, or 0.5%, to 27,140.98.