Most of Wall Street stumbled Thursday, but yet another rise for big technology stocks helped keep the market’s losses in check.
The Standard and Poor’s 500 dropped 12.22 points, or 0.4%, to 3,246.22, with nearly 3 out of 4 stocks in the index falling. Among the hardest-hit were oil producers, banks and other companies that most need the economy to pull out of its recession. Treasury yields also sank, a sign of increased pessimism about the economy.
Markets worldwide had already turned lower before those data releases dropped. An earlier report showed that Germany’s economy, Europe’s largest, suffered through its worst quarter on record during the spring. Financial stocks were also weak, hurt by a drop in interest rates that reins in the profits to be made from lending. JPMorgan Chase fell 2.7% and Citigroup lost 3.1%
Expectations were already high for each of the giants. Their stocks are all up at least 14% this year, whereas the S&P 500 is up just 0.5%. Amazon is up more than 65%. Thursday’s loss for the S&P 500 gave back some of its big gain from the day before, when the Federal Reserve pledged to keep interest rates at their record low but highlighted how uncertain the path is for the economy because of the pandemic. It was the second time that the index has flip-flopped on consecutive days this week.
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