After seeing modest strength earlier in the session, stocks came under pressure going into the close of Thursday. A disappointing batch of U.S. economic data weighed on the markets along with comments from a Federal Reserve official.
Biotechnology stocks showed a substantial move to the downside on the day, giving back ground following recent strength. The NYSE Arca Biotechnology Index tumbled by 2 percent, pulling back further off Tuesday's record closing high.
Celgene (CELG) and Regeneron (REGN) turned in two of the biotech sector's worst performances, falling by 4.7 percent and 3.5 percent, respectively.
Significant weakness also emerged among housing stocks, resulting in a 1.7 percent drop by the Philadelphia Housing Sector Index. The disappointing housing starts report inspired traders to cash in on some of the recent strength in the sector.
Steel, retail, and pharmaceutical stocks also came under pressure over the course of the session, while networking and computer hardware stocks held on to strong gains.
The major averages ended the day in negative territory, with the Dow and the S&P 500 pulling back off record highs. The Dow dipped 42.47 points or 0.3 percent to 15,233.22, the Nasdaq edged down 6.37 points or 0.2 percent to 3,465.24 and the S&P 500 fell 8.31 points or 0.5 percent to 1,650.47.
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Market Analysis
June 05, 2026 16:18 ET A busy week for economic news flow saw a slew of reports being released that reflected the trends in the U.S. labor market. In Europe, economic growth and inflation data gained attention as the European Central Bank and Bank of England head for policy session later in the month. In Asia, the monetary policy session of the Indian central bank was in focus as the country, a major oil importer, reels under the pressures of a weaker rupee and rising inflation.