Major U.S. benchmark averages retreated on Thursday (Friday AEDT), with the S&P 500 snapping a three-day winning streak as big tech stocks declined.
Dow Jones Industrial Average fell 68.4 points or 0.2%, to 43,153.1, the S&P 500 fell 12.6 points or 0.2% to 5,937.4 and the Nasdaq Composite dropped 172.9 points or 0.9% to 19,338.3.
Technology companies closed lower, with Nvidia down 2%, Meta Platforms losing 0.9% and Apple shares sliding 4% to post their worst performance since August 5. Other tech giants followed suit, as Tesla fell 3.4%, while Alphabet lost 1.3%.
The market initially gained momentum from strong corporate earnings earlier in the session. Morgan Stanley exceeded earnings expectations, boosting its stock by 4%, while Bank of America also reported better-than-expected earnings but saw its shares fall approximately 1%.
The results follow strong performances from peers JPMorgan Chase and Goldman Sachs earlier in the week.
Among data releases, retail sales came in at 0.4%, slightly under expectations of 0.6%, driven by strong demand for motor vehicles and other goods, underscoring economic resilience and supporting the Federal Reserve's cautious stance on interest rate cuts this year.
Meanwhile, the 10-year U.S. Treasury yield, which had reached a 14-month high earlier in the week, retreated sharply to around 4.615%, further influencing market dynamics.
