NEW YORK (AP) — Stocks are slipping in morning trading Thursday as investors pore over another batch of earnings reports from U.S. companies.
The S&P 500 slipped 0.7%. The Dow Jones Industrial Average fell 310 points, or 0.7%, as of 10:03 a.m. Eastern time. The Nasdaq composite fell 1.1%.
Corporate earnings and forecasts have been the big focus all week. The latest round of results and statements from executives could help shed some light on the condition and path ahead for the economy amid a lack of broader information on inflation, employment and retail sales because of the ongoing government shutdown.
DoorDash sank 16.2% for one of the sharpest drops on Wall Street. The food delivery app warned investors that it will be spending significantly more on product development next year.
Software company Datadog jumped 20.6% after its latest earnings beat analysts' forecasts. Rockwell Automation jumped 4.2% after turning in results that easily beat analysts’ forecasts.
It has been a wobbly week for major indexes, which set record highs last week. The broader stock market has had a record setting year, but that has raised worries that stocks could be overvalued. Those concerns are even more focused on big technology companies that have been leading the market higher amid the focus on artificial intelligence advancements.
The latest round of earnings is being closely monitored to gauge whether the stock market’s big values are justified. The results are also helping to fill in gaps in information because of the U.S. government shutdown, which is now the longest on record.
European markets edged lower after a divided Bank of England kept its main interest rate unchanged. Asian markets closed higher. Treasury yields moved lower in the bond market.