Stock indexes closed down on Thursday, with the S&P 500 down 1.57%, Dow Jones down 1.34%, and Nasdaq 100 down 2.04%. Tech stocks like Cisco fell over 12% due to higher memory-chip prices impacting profitability. Trucking companies also saw losses amid AI threats. Lower bond yields supported stocks. US weekly jobless claims and Jan existing home sales fell below expectations.

Earnings season continues with positive results, as 76% of S&P 500 companies beat expectations. S&P earnings expected to climb by 8.4% in Q4, excluding tech stocks. Markets anticipate Jan CPI to rise by 2.5% y/y. Overseas markets settled mixed, with Euro Stoxx 50 down 0.40%, China up 0.05%, and Japan down 0.02%. Interest rates fell, with 10-year T-note yield hitting a 2.25-month low. European bond yields also dropped. UK GDP and manufacturing data weaker than expected.

Tech stocks like Apple, Amazon, and Tesla closed down on Thursday. Trucking companies like Landstar Systems and CH Robinson Worldwide saw significant losses amid AI concerns. Cryptocurrency-exposed stocks, like Coinbase and MARA Holdings, declined following Bitcoin’s drop. ICON Plc fell over 39% due to internal investigation findings. Other companies like Baxter International and Tyler Technologies also closed down significantly. On the upside, Cognex Corp, Equinix, and Motorola Solutions saw gains. Viking Therapeutics, Exelon, and Howmet Aerospace also closed up. Earnings reports include Air Lease Corp, Moderna Inc, and Wendy’s Co/The.

Read more at Nasdaq: Stocks Plunge on Tech Weakness and AI Fears