NEW YORK (AP) — Wall Street took a pause on Thursday as U.S. stocks and even the price of gold pulled back from record highs following torrid runs.
The S&P 500 slipped 0.3% from its latest all-time high for just its second loss in the last 10 days. The Dow Jones Industrial Average dropped 243 points, or 0.5%, and the Nasdaq composite edged down by 0.1%.
Gold also fell following its stellar rally this year, losing 2.4% to drop back below $4,000 per ounce, while Treasury yields held relatively steady in the bond market. They’re taking a moment following big runs driven in large part by expectations that the Federal Reserve will cut interest rates to support the economy.
Financial markets have been climbing so relentlessly, including a 35% leap for the S&P 500 from a low in April, that worries are rising that prices may have shot too high and become too expensive. Concerns are particularly strong about the frenzy lifting stocks related to artificial-intelligence technology.
Dell Technologies sank 5.2% for the biggest loss in the S&P 500, but that only trimmed its surge since talking up its AI growth opportunities at an investment conference earlier in the week. The stock is still up nearly 11% for the week so far.
Tesla also weighed on the market after falling 0.7%. The National Highway Traffic Safety Administration opened a preliminary evaluation of its “Full Self-Driving” system due to safety concerns.
Those losses helped offset a 4.3% ascent for Delta Air Lines, which reported a stronger profit for the summer than analysts expected.
Delta also gave a forecasted range for profit during the year’s final three months whose midpoint topped analysts’ estimates. Its president, Glen Hauenstein, highlighted a broad-based acceleration in sales trends over the last six weeks, including for business travel domestically.
Such reports from companies are taking on more significance, offering windows into the strength of the economy. That’s because the U.S. government’s shutdown is delaying reports that would clearly show how the…
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