U.S. equity markets closed lower on Thursday, driven by weakness in Basic Materials, Consumer Goods and Consumer Services names that pressured major indexes. At the New York Stock Exchange close, the Dow Jones Industrial Average dropped 0.44% to mark a new three-month low. The S&P 500 retreated 0.28%, and the NASDAQ Composite declined 0.28%.
Blue-chip movers
Within the Dow, Chevron Corp (NYSE:CVX) was the strongest performer, rising 1.42% - an increase of 2.83 points - to finish at 201.44. Cisco Systems Inc (NASDAQ:CSCO) added 1.17% or 0.91 points to close at 78.51, while Goldman Sachs Group Inc (NYSE:GS) climbed 0.50% or 4.02 points to end the session at 809.50.
On the downside among Dow components, Boeing Co (NYSE:BA) fell 2.34%, losing 4.81 points to end at 201.18. McDonald’s Corporation (NYSE:MCD) declined 1.95% or 6.15 points to 309.58, and 3M Company (NYSE:MMM) slipped 1.63% or 2.37 points to close at 142.71.
S&P 500 movers
At the sector level and among S&P constituents, Seagate Technology PLC (NASDAQ:STX) led gains, jumping 6.84% to 434.60. Baker Hughes Co (NASDAQ:BKR) rose 5.62% to settle at 60.71, and Slb NV (NYSE:SLB) added 5.52% to close at 47.82.
The session’s steepest S&P declines included Fair Isaac Corporation (NYSE:FICO), which fell 7.52% to 1,113.16, Newmont Goldcorp Corp (NYSE:NEM) which lost 6.89% to settle at 99.20, and The Mosaic Company (NYSE:MOS) which declined 5.69% to 26.20 at the close.
Nasdaq movers
The Nasdaq Composite’s largest percentage gainers were dominated by small-cap and micro-cap names. Wetour Robotics Ltd (NASDAQ:WETO) rose 64.29% to 0.69, Linkers Industries Ltd (NASDAQ:LNKS) gained 51.72% to settle at 0.88, and Duluth Holdings Inc (NASDAQ:DLTH) climbed 44.70% to finish at 3.14.
Conversely, the biggest Nasdaq decliners included MDJM Ltd (NASDAQ:UOKA), which plunged 71.10% to 0.42; U Power Ltd (NASDAQ:UCAR), down 64.44% to 0.16; and Reviva Pharmaceuticals Holdings, Inc. (NASDAQ:RVPH), off 55.45% to close at 0.83.
Market breadth and corporate extremes
Decliners outpaced advancers on the NYSE, with 1,581 stocks falling, 1,153 advancing and 84 unchanged. On the Nasdaq, 1,673 issues fell, 1,609 advanced and 193 finished unchanged.
Notable extremes included Chevron recording a new all-time high at 201.44 after its 1.42% gain. Several small-cap names hit record lows: MDJM Ltd (NASDAQ:UOKA) fell to an all-time low of 0.42, U Power Ltd (NASDAQ:UCAR) dropped to an all-time low of 0.16, and Reviva Pharmaceuticals Holdings, Inc. (NASDAQ:RVPH) fell to an all-time low of 0.83.
Volatility, commodities and currencies
The CBOE Volatility Index, which gauges implied volatility in S&P 500 options, moved lower by 4.07% to 24.07.
Commodity markets were mixed. Gold futures for April delivery declined 4.81% - a drop of 235.31 - to settle at $4,660.89 a troy ounce. In energy, U.S. crude for May delivery fell 1.19% or $1.14 to $94.32 a barrel, while the May Brent contract inched up 0.10% or $0.11 to trade at $107.49 a barrel.
In currency markets, the euro strengthened against the dollar, with EUR/USD up 1.20% to 1.16. The dollar weakened against the yen, as USD/JPY fell 1.35% to 157.66. The U.S. Dollar Index Futures moved down 0.87% to 99.00.
Takeaway
Thursday’s session saw broad-based selling pressure across several cyclical and consumer sectors that left major U.S. indexes in negative territory, while pockets of strength appeared in energy and select technology and industrial names. Volatility eased modestly and commodity prices moved unevenly, with gold sharply lower and oil showing opposite directions for U.S. and Brent contracts.