Highlights
Stock indexes dipped on Thursday largely on a correction in technology and AI-specific stocks after they advanced this week and on an earnings disappointment at Alphabet. The Dow Jones industrial average and the S&P 500 both eased 0.3 percent and the Nasdaq dropped 1.4 percent. Bond yields and the dollar declined while WTI oil prices edged up.
Despite the index losses reflecting losses in heavily-weighted tech stocks, most shares gained on Thursday paced by pharma/biotech on positive earnings news, plus consumer staples, travel & tourism, homebuilders, and restaurant chains.
In economic data, personal income and spending figures and related PCE price data generally matched expectations and left unchanged the expectation for Federal Reserve rate increases in December, as did a better than expected Q3 GDP report.