WASHINGTON (dpa-AFX) - Stocks have moved mostly lower during trading on Thursday, giving back ground following the advance seen over the course of the previous session. The major averages have all moved to the downside, with the Nasdaq and the S&P 500 pulling back off yesterday's record closing highs.
Currently, the major averages are just off their lows of the session. The Nasdaq is down 96.20 points or 0.4 percent at 22,947.18, the S&P 500 is down 23.84 points or 0.4 percent at 6,729.88 and the Dow is down 172.30 points or 0.4 percent at 46,429.48.
The pullback on Wall Street may partly reflect profit taking following recent strength in the markets, which partly reflected persistent optimism about the artificial intelligence trade.
Investors may also be beginning to express concerns about the ongoing U.S. government shutdown, which enters its ninth day today with no end in sight.
Lawmakers in Washington continue to struggle to pass a temporary funding bill due in part to Democrats' demands that the legislation include an extension of enhanced Obamacare tax credits.
Verbal confrontations between Republicans and Democrats on Capitol Hill on Wednesday suggest the stalemate is likely to drag on.
While traders have largely shrugged off the shutdown over the past week, worries about the economic impact of a prolonged suspension of non-essential government services may be starting to weigh on the markets.
Traders are also keeping an eye on remarks by several Federal Reserve officials, although Fed Chair Jerome Powell's welcoming remarks at a Community Bank Conference this morning did not provide any insight into the outlook for interest rates.
Fed Governor Michael Barr and Fed Vice Chair for Supervision Michelle Bowman are also scheduled to deliver remarks later this afternoon.
Sector News
Gold stocks are giving back ground after moving sharply higher in the previous session, with the NYSE Arca Gold Bugs Index plunging by 3.0 percent as the price of the precious metal pulls back off its record highs.
Significant weakness is also visible among housing stocks, as reflected by the 2.0 percent slump by the Philadelphia Housing Sector Index. The index has tumbled to its lowest intraday level in almost two months.
Computer hardware and oil service stocks are also seeing considerable weakness, moving lower along with most of the other major sectors.
Other Markets
In overseas trading, stock markets across the Asia-Pacific region moved mostly higher during trading on Thursday. Japan's Nikkei 225 Index surged by 1.8 percent, while China's Shanghai Composite Index shot up by 1.3 percent.
Meanwhile, the major European markets are turning in a mixed performance on the day. While the German DAX Index is up by 0.3 percent, the French CAC 40 Index is just below the unchanged line and the U.K.'s FTSE 100 Index is down by 0.2 percent.
In the bond market, treasuries continue to show a lack of direction after ending the previous session roughly flat. Currently, the yield on the benchmark ten-year note, which moves opposite of its price, is up by less than a basis point at 4.140 percent.
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