US stocks turn early gains into losses
Major US stock indexes started the session off well, but the wheels fell off the rally as the day progressed.
The S&P 500 ended virtually flat, while the Nasdaq 100 and Russell 2000 each gave back 0.5% on Thursday.
Bad breadth continues, with the S&P 500’s advance-decline line negative for the 14th consecutive session.
Utilities, financials, and tech were the S&P 500 sector ETFs that managed to gain; real estate and materials paced the losses.
Tech’s modest gain came despite a retreat in the VanEck Semiconductor ETF, due in large part to Micron’s post-earnings plunge.
High-flying quantum computing stocks like D-Wave Quantum, Rigetti Computing, and Quantum Computing saw a massive reversal of much of their recent gains.
Homebuilders slumped, with Lennar getting whacked on poor first-quarter guidance that points to continued margin pressure.
Darden Restaurants did great after reporting earnings and boosting its outlook; on the other side of the carb spectrum, Lamb Weston cratered in the wake of a poor one.
