U.S. stocks trade mixed-to-lower as Nasdaq falls from record high.
Stock markets finished mixed-to-lower on Thursday, as volatile tech shares dragged the Nasdaq Composite Index (NYSEARCA:QQQ) from record levels.
The technology-driven index dropped 0.7% to close at 7,635.07, its first loss in five days. Before Thursday, the index set a new record high each day this week.
The broader S&P 500 Index (NYSEARCA:SPY) declined 0.1% to close at 2,770.37. Technology shares were down 1.1%, offsetting sharp gains in energy and telecommunication services.
Dow industrials bucked the downtrend, gaining 0.4% to 25,241.41.
A measure of 30-day volatility known as the CBOE VIX (NYSEARCA:VXX) spiked double digits on Thursday before paring some of its gains later in the session. The so-called “fear index” settled at 12.45, having gained 7% from the previous close.
In commodities, oil prices bounced back sharply on concerns of a potential supply disruption in Venezuela. U.S. West Texas Intermediate (WTI) for July settlement jumped $1.20, or 1.9%, to $65.93 a barrel on the New York Mercantile Exchange. ICE Brent futures gained $1.81, or 2.4%, to $77.17 a barrel.
In economic data, U.S. jobless claims declined unexpectedly last week, reaffirming the strength of the labor market. The number of Americans filing for first-time unemployment benefits declined by 1,000 to a seasonally adjusted 222,000, the Labor Department said.
The Final Word: Investors are gearing up for an active month in the markets. Next week, the Federal Reserve is expected to raise interest rates for the second time this year. President Trump is also scheduled to meet with North Korea’s Kim Jong-un in Singapore.