After failing to sustain an initial upward move, stocks have moved back to the downside over the course of morning trading on Thursday. The major averages have pulled back well off their highs for the session, sliding into negative territory.
While a drop in weekly jobless claims contributed to the early strength in the markets, claims remain at elevated levels and buying interest was somewhat subdued. Traders subsequently looked to cash in on recent gains ahead of the release of the advance report on second quarter GDP on Friday.
Technology stocks have helped to lead the way lower, with significant weakness emerging among networking, semiconductor, and electronic storage stocks. Utilities stocks have also come under pressure, pulling back further off their recent highs.
On the other hand, modest strength remains visible among brokerage and oil stocks, with a notable increase by the price of crude oil helping related stocks hold onto some of their earlier gains.
The major averages have seen further downside in the past few minutes, falling to new lows for the session. The Dow is down 61.53 points or 0.6 percent at 10,436.35, the Nasdaq is down 25.50 points or 1.1 percent at 2,239.06 and the S&P 500 is down 6.96 points or 0.6 percent at 1,099.17.
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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.