US stocks dip, small caps slide
The S&P 500 fell 0.5%, the Nasdaq 100 gave back 0.7%, and the Russell 2000 small-cap index slumped 1.4% on Thursday.
More members in the S&P 500 fell than rose for the ninth consecutive session, now the longest such streak since around the time of the 9/11 terrorist attacks in 2001.
Every S&P 500 sector ETF besides consumer staples and communication services was down on the day, with consumer discretionary, healthcare, and energy faring the worst. The tough sledding for homebuilders continues, with the iShares US Home Construction ETF off 1.3% on the day.
Price action in the Magnificent 7 cohort was mixed, with Microsoft and Apple gaining while all other constituents declined.
Adobe was the worst-performing member of the benchmark US stock index, falling 13.7% after posting underwhelming guidance for the current quarter. On the other end of the spectrum, Warner Bros. Discovery skyrocketed 15.4%, its best one-day gain on record, after restructuring its businesses in a move Wall Street analysts expect is in preparation for a spin-off of some of its assets.
