U.S. stocks on Thursday came under pressure, as a slide in megacap technology names along with some disappointing corporate earnings offset favorable economic data on inflation.
In what has been a volatile trading session, Wall Street’s benchmark S&P 500 (SP500) and tech-heavy Nasdaq Composite (COMP:IND) indexes initially opened higher and scaled fresh intraday record highs. But they reversed course soon after and were now firmly in negative territory.
The S&P (SP500) was last down 0.85% to 5,586.22 points in midday trade, while the Nasdaq (COMP:IND) was lower by 1.73% to 18,325.51 points. The blue-chip Dow (DJI) was clinging onto gains of 0.04% at 39,738.84 points.
The rise after the opening bell came after investors earlier received the latest consumer price index (CPI) report for June. The U.S. Bureau of Labor Statistics reported an unexpected 0.1% M/M fall in headline CPI, the first such decrease since December 2022. Moreover,…
