Stock market news today: Nasdaq slips as tech rout continues

Tech stocks failed to make a comeback on Thursday following the Nasdaq's worst day since 2022, even as chip manufacturer

posted better-than-expected results. The tech-heavy Nasdaq Composite erased earlier gains to fall over 1%, while the S&P 500 also fell 0.7%. The Dow Jones Industrial Average slipped 0.4% following an all-time closing record for the blue-chip index in the prior session. The rally on Wall Street has hit increasing turbulence this week as political, geopolitical, and trade risks unsettle a market finally confident that the Fed will cut interest rates this year.

, and ASML all got hammered amid a rotation from tech leaders into less prominent parts of the market. All three were down further on Thursday. 's strong quarterly earnings temporarily helped lift the mood during the session. The Taiwanese chip giant beat on profit with a 36% jump, and it raised its 2024 sales outlook to signal confidence in the AI boom. Netflix is the highlight on Thursday's earnings docket, due after the market close. Expectations are high for the streamer, though some on Wall Street note the stock is already flirting with record levels.

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