NEW YORK — U.S. stocks slipped as the market’s big burst following Donald Trump’s election continued to cool. The S&P 500 dipped 0.6% Thursday. The Dow Jones Industrial Average dropped 0.5%, and the Nasdaq composite sank 0.6%. Several areas of the market that had bounced highest following Trump’s election reversed their momentum and led the way lower. Tesla sank to just its second loss since Election Day, while smaller stocks fell harder than the rest of the market.
The stock market broadly has been rising faster than corporate profits, which has raised criticism from skeptics that it's gotten too expensive. Some of the stocks that have felt the biggest bump from Trump's election also lost momentum. Tesla fell 5.1% and was on track for just its second loss since Election Day. It's run by Elon Musk, who has become a close Trump ally.
Helping to keep Wall Street's losses in check was The Walt Disney Co., which jumped 6.9% after the entertainment giant reported stronger profit for the latest quarter than analysts expected. CEO Robert Iger credited improved profits at its streaming businesses and strong box-office results for its movies, including “Inside Out 2” and “Deadpool & Wolverine,” among other things.
Treasury yields initially jumped following the reports, as traders trimmed their expectations a bit for a coming cut to interest rates by the Federal Reserve at its meeting next month. But yields later regressed, and the yield on the 10-year Treasury eased to 4.41% from 4.45% late Wednesday.
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