The stock market declined Thursday as earnings disappointments dragged down a number of highflying stocks and weaker oil prices weighed on energy stocks.
The Dow Jones Industrial Average fell 0.5% and the S&P 500 lost 0.2%, while the Nasdaq lost nearly 0.2%. But the small-cap Russell 2000 rose, adding 0.4%.
So far this year, the Nasdaq has added 21.3%, the S&P 500 16% and the Dow about 12.3%.
NYSE volume was up 11%, while Nasdaq turnover grew 3%, according to preliminary data.
Both the Nasdaq and S&P 500 indexes reached record highs on Monday, following last week’s reports of a much stronger than expected economy, including 3.2% GDP growth in the first quarter. The Dow, meanwhile, remains below its own record high.
Earnings Rule The Markets
During Thursday’s session, earnings reports pushed much of the market action.
Sports clothing and equipment maker Under Armour (UA) reported stronger-than-expected earnings, sending its shares up 3.6%. Under Armour’s main competitor, sneaker and sports apparel giant Nike (NKE), fell 0.7% in response and is now trading below its 50-day average line, a key test.