U.S. equities finished the trading day lower on Thursday, with the Technology, Basic Materials and Financials sectors contributing materially to the downward pressure.
At the close on the New York Stock Exchange, the Dow Jones Industrial Average was down 0.37%. The S&P 500 declined 0.41%, and the NASDAQ Composite fell 0.89%.
Session leaders and laggards
On the Dow, Caterpillar Inc (NYSE:CAT) led gains, adding 3.26% or 26.37 points to finish at 835.24. Verizon Communications Inc (NYSE:VZ) rose 2.74% or 1.26 points to close at 47.24, and Coca-Cola Co (NYSE:KO) climbed 2.24% or 1.68 points to end at 76.31.
At the other end of the Dow, Salesforce Inc (NYSE:CRM) recorded the steepest fall, dropping 8.75% or 16.61 points to close at 173.19. International Business Machines (NYSE:IBM) decreased 8.25% or 20.78 points to finish at 231.08, and American Express Company (NYSE:AXP) lost 4.31% or 14.34 points to end at 318.56.
Within the S&P 500, United Rentals Inc (NYSE:URI) was the largest gainer, up 22.92% to 986.78. Texas Instruments Incorporated (NASDAQ:TXN) climbed 19.43% to settle at 282.23, and Molina Healthcare Inc (NYSE:MOH) increased 14.18% to close at 174.70.
Conversely, ServiceNow Inc (NYSE:NOW) posted the largest decline in the S&P 500, falling 17.75% to 84.78. Lululemon Athletica Inc (NASDAQ:LULU) dropped 13.33% to settle at 141.66, and Freeport-McMoran Copper & Gold Inc (NYSE:FCX) was down 12.62% to 61.48 at the close.
The NASDAQ Composite also saw extreme moves among smaller names. EUDA Health Holdings Ltd (NASDAQ:EUDA) surged 97.59% to 11.46, Dreamland Ltd (NASDAQ:TDIC) jumped 44.55% to 1.46, and NewcelX AG (NASDAQ:NCEL) gained 34.15% to finish at 4.91.
Large percentage declines on the Nasdaq included zSpace Inc (NASDAQ:ZSPC), which plunged 53.10% to 0.55, Texxon Holding Ltd (NASDAQ:NPT), which fell 50.41% to 1.83, and Avis Budget Group Inc (NASDAQ:CAR), which was down 48.38% to 229.14.
Market breadth and notable technical milestones
Decliners outpaced advancers on the NYSE, with 1,535 stocks down, 1,213 up and 70 unchanged. On the Nasdaq, 2,230 stocks fell, 1,172 advanced and 145 were unchanged.
Certain stocks reached notable price milestones during the session. Texas Instruments (NASDAQ:TXN) rose to an all-time high, gaining 19.43% or 45.92 to 282.23. Caterpillar Inc (NYSE:CAT) likewise moved to an all-time high, up 3.26% or 26.37 to 835.24.
Other moves hit the opposite extreme: Lululemon Athletica (NASDAQ:LULU) fell to five-year lows after dropping 13.33% or 21.79 to 141.66. zSpace Inc (NASDAQ:ZSPC) and Texxon Holding Ltd (NASDAQ:NPT) both traded at all-time lows, with ZSPC down 53.10% or 0.63 to 0.55 and NPT off 50.41% or 1.86 to 1.83.
Volatility, commodities and currencies
The CBOE Volatility Index, which tracks implied volatility on S&P 500 options, ticked up 2.06% to 19.31.
In commodities, Gold Futures for June delivery was reported down 0.97% or 46.19 to $4,706.81 a troy ounce. Crude oil for June delivery rose 3.82% or 3.55 to $96.51 a barrel, while the June Brent contract increased 3.87% or 3.94 to trade at $105.85 a barrel.
In currency markets, EUR/USD was essentially unchanged, shifting 0.19% to 1.17, while USD/JPY rose 0.14% to 159.72. The US Dollar Index Futures was noted up 0.23% at 98.64.
Takeaway
Thursday's session closed with major U.S. indexes in the red and significant stock-specific volatility driving several large percentage moves both higher and lower. Broad market breadth favored decliners on both primary exchanges, while volatility as measured by the VIX edged higher. Commodity and currency markets showed mixed performance, with oil notably higher and reported gold futures weaker.