US Stock Market: DJIA, S&P500, Nasdaq and Russell ended in red on Thursday

Technology firms led a sell-off on Wall Street on Thursday, sending the major indices into negative territory for the week. The S&P 500 fell 1.4% after shedding an early gain of 0.4%. The benchmark index was coming off two days of gains following daily losses since the first day of trading in 2022. The tech-heavy Nasdaq slumped 2.5%. The Dow Jones Industrial Average fell 0.5%.

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The S&P 500 fell 67.32 points to 4,659.03, while the Dow slid 176.70 points to 36,113.62. The Nasdaq lost 381.58 points to 14,806.81. The three indexes are each on pace for another weekly loss. Smaller company stocks also fell. The Russell 2000 slid 16.62 points, or 0.8%, to 2,159.44.

Bond yields mostly edged lower. The yield on the 10-year Treasury slipped to 1.70% from 1.73% from late Wednesday.

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Big technology stocks, which have an outsized influence on the S&P 500 because of their high valuations, accounted for a big share of the decline Thursday. The sector has been slipping in January as investors shift money in anticipation of rising interest rates, which tend to make pricey tech stocks less attractive. Chipmaker Nvidia fell 5.1% and software maker Adobe fell 2.9%.

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Many of the big tech companies with solid revenue and profits, such as Apple and Microsoft, will suffer less than their counterparts that have little revenue, but rosy projections, he said.

Even so, those big tech names also lost ground Thursday. Apple fell 1.9% and Microsoft fell 4.2%.

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Health care stocks, communication services firms and a mix of companies that rely on direct consumer spending were among the decliners. Pfizer fell 2%, Facebook parent Meta Platforms dropped 2% and Amazon slid 2.4%.

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Industrial companies were among the few gainers. Delta Air Lines rose 2.1% after reporting surprisingly good fourth-quarter financial results. Other airlines also got a boost. American Airlines rose 4.5% and United Airlines rose 3.5%.

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Financial stocks were mixed ahead of quarterly report cards Friday from several major banks, including JPMorgan Chase and Citigroup.