US stocks closed lower on Thursday, with the Dow down 0.36%, the S&P 500 down 0.35% and the Nasdaq down 0.39%. Nvidia fell 4.3%, while energy shares rose 1.5%; markets priced in at least a 25-basis-point December Fed rate hike.
The Dow fell 189.40 points to 52,297.09, the S&P 500 lost 26.98 points to 7,592.40 and the Nasdaq dropped 100.10 points to 25,366.09. Nvidia shares fell 4.3% after an earlier decline of nearly 12%; retail investors bought about $111 million of its shares in the first half-hour of trading, a record opening bid for the stock, Vanda Analytics data showed.
The S&P 500 energy sector rose 1.5%, its fourth consecutive session of gains and the best performance among the 11 major sectors. Nebius fell 16.8% after reporting quarterly earnings and an outlook, while CoreWeave dropped 6.9%; Broadcom, AMD and Alphabet rose.
Investors awaited Friday’s Producer Price Index after a hotter-than-expected consumer price reading earlier in the week. Markets priced in at least a 25-basis-point December Fed rate hike, with a 15% chance of a 50-basis-point increase. Declining stocks outnumbered advancers by 3.4 to 1 on the NYSE and 3.18 to 1 on the Nasdaq.
