NEW YORK — Stocks on Wall Street dipped Thursday following mixed earnings reports from big companies and more signals the U.S. economy may be slowing.
The S&P 500 fell 24.73, or 0.6%, to 4,129.79. The Dow Jones Industrial Average slipped 110.39, or 0.3%, to 33,786.62, while the Nasdaq composite dropped 97.67, or 0.8%, to 12,059.56.
Tesla weighed on the market for a second straight day on worries about how much profit it’s making on its electric vehicles. It dropped 9.7% after reporting revenue for the first three months of the year that fell short of analysts’ expectations as it repeatedly cut prices on its models.
Tesla’s cutting prices “is good for inflation,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management. “But for the market, the question has to be: You’re cutting prices again, it seems like we’re not seeing enough demand on the auto side.”
Several banks also dropped after reporting weaker profits and revenue than expected. The spotlight has been on smaller and mid-sized banks amid worries their customers may pull out deposits following the second- and third-largest U.S. bank failures in history last month.
Zions Bancorp fell 4.9% and KeyCorp dropped 2.7%. Truist Financial fell 3.8% after reporting weaker profit than expected.
AT&T sank 10.4%, the worst day for its stock in two decades, after it reported slightly weaker revenue than analysts forecast, though profit squeaked past expectations.
John Mazarakis, foreground center, executive chairman of Chicago Atlantic Real Estate Finance Inc., rings the Nasdaq opening bell Thursday in New York as the company celebrated its first year as a publicly traded company.
In the bond market, yields fell after a couple reports on the U.S. economy.
Slightly more workers filed for unemployment benefits last week than the week before, a sign the job market might be softening due to the Federal Reserve raising interest rates to tamp down inflation. A separate report said manufacturing trends in the mid-Atlantic region weakened by much more than economists expected.
The 10-year Treasury dipped to 3.53% from 3.59% late Wednesday. The two-year yield fell to 4.14% from 4.25%.
Helping to limit Wall Street’s losses Thursday were big gains from companies that topped analysts’ expectations.
Lam Research was one of the strongest forces pushing upward on the S&P 500 after the semiconductor manufacturing industry supplier rose 7.2%. It reported profit and revenue for the latest quarter that beat forecasts.
Steel Dynamics climbed 4.9%, homebuilder D.R. Horton gained 5.6%, casino operator Las Vegas Sands rallied 3.7% and steelmaker Nucor rose 5.5% after reporting stronger-than-expected profit for the latest quarter.
Abroad, Asian stock indexes were mixed after data showed Japan’s trade deficit narrowed in March. European stocks also were mixed.
