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Stocks closed lower Thursday, as Salesforce logged its worst day in around two decades. Traders also looked ahead to the release of key U.S. inflation data.
The Dow Jones Industrial Average lost 330.06 points to close Thursday at 38,111.48.
The S&P 500 slid 31.47 points to 5,235.48.
The NASDAQ ditched 183.5 points, or 1.1%, to 16,737.08.
Salesforce plunged nearly 20% after missing revenue expectations for the fiscal first quarter and providing a weak outlook, on track for its worst session since 2004. Artificial intelligence darling Nvidia also slid more than 2%, flirting with its first negative session following its blockbuster earnings report last week.
Despite the rocky week, the indexes are all on track to end the trading month, which also concludes with Friday’s closing bell, higher. The NASDAQ Composite has improved nearly 7% and S&P 500 has jumped about 4%, in May. The Dow has risen 0.8% in the month. All three indexes hit record highs in May.
Investors are looking toward Friday’s release of the personal consumption expenditures price index report for April, which is the Federal Reserve’s preferred inflation gauge.
Prices for the 10-year Treasury strengthened, lowering yields to 4.55% from Wednesday’s 4.74%. Treasury prices and yields move in opposite directions.
Oil prices shed $1.33 to $77.90 U.S. a barrel.
Gold prices docked $1.20 to $2,362.90.
