Stock Market Today: Dow Dives As S&P 500 Turns Negative For 2026; Cisco, AppLovin Crater (Live Coverage)

Major indexes took a hit Thursday, with the close logging sharp losses in the technology and energy sectors that led the S&P 500 to undercut a key support line and turn negative for the year. The Dow Jones Industrial Average retreated from a milestone level. But among winners on the stock market today was McDonald’s (MCD), which moved on earnings.

The Dow sank 669 points, or 1.3%, losing the 50,000 mark after holding it for four days. The S&P 500 tumbled 1.6%, falling below its 50-day moving average. The benchmark index entered negative territory for the year at the closing bell. The Nasdaq composite dropped 2%. The major indexes each posted their steepest declines since Jan. 20, according to Dow Jones Market Data.

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The Russell 2000 index of small-cap stocks fell 2%, its worst session in about three months.

The S&P 500’s tech sector suffered the most on the benchmark as it fell 2.7%. Energy followed by losing 2.2%. Six other sectors fell while three moved higher, led by consumer staples.

During the session, Cisco Systems (CSCO) weighed on all three large-cap indexes, ending down 12% on margin profit concerns. AppLovin (APP) was among the biggest losers on the S&P 500 and the Nasdaq, tanking nearly 20% despite a quarterly earnings beat.

Volume was higher on the New York Stock Exchange and lower on the Nasdaq compared with the same time on Wednesday. Decliners outnumbered advancers by more than 2 to 1 on both exchanges.

The yield on the benchmark 10-year Treasury note fell seven basis points to 4.1%. West Texas Intermediate futures fell nearly 3% to $62.84 a barrel.

3:11 p.m. ET

Stock Market: Cancer Stock Soars On FDA Approval

In medical products, Novocure (NVCR) jumped more than 30% before trimming gains after the U.S. Food and Drug Administration approved its device to treat certain pancreatic cancers.

The wearable device delivers electric fields targeting tumor cells. Shares are finding support at their 50-day moving average. The FDA’s approval follows a Phase 3 study that showed the treatment, combined with two drugs, improved overall survival.

Novocure shares still remain well below their December 2024 high of 34.

Futures: AI Fears Grip Market With Inflation Data Due

2:05 p.m. ET

Trucking Stocks Plummet; Inflation Data Ahead

The transportation-logistics group was the worst performing set of stocks among Investor’s Business Daily’s 197 industry groups. Other laggards included transportation-trucks, stocks in the real estate development and operations group, and computer software specialty enterprise plays.

Commercial real estate stock CBRE (CBRE) extended Wednesday’s 12% fall with a loss of more than 10% Thursday. Shares of trucking and logistics companies J.B. Hunt (JBHT), Saia (SAIA), and Old Dominion Freight Line (ODFL) lost 5% or more.

January inflation data is due early Friday. Estimates suggest the CPI report will show that the price of goods and services rose 0.3% from December and 2.5% on an annual basis. Core inflation – which strips out volatile food and gas prices – is expected to show similar monthly and annual increases.

1:02 p.m. ET

Chip Play Dives; January Home Sales Miss Estimates

Chip metrology tools maker** Nova** (NVMI) dropped 5% although its fourth-quarter results were ahead of Wall Street’s targets. Earnings of $2.14 per share came in 2 cents a share above estimates while revenue of $222.6 million topped analysts’ target of $220.8 million.

In another read on the U.S. economy, existing home sales, as published by the National Association of Realtors, fell to 3.91 million units in January. That was below expectations of 4.2 million. December’s data was revised down to 4.27 million.

12:03 p.m. ET

Data Center Play Soars

Data center infrastructure play Equinix (EQIX) soared more than 10% Thursday, aided by a stronger-than-expected outlook for the first quarter and a 10% dividend increase.

Shares approached a buy point of 994.03 in a 63-week consolidation. The stock has gained in nine out of the past 10 weeks, IBD MarketSurge chart analysis tools show.

The real estate company helps connect and manage cloud and networking infrastructure. Its dividend hike and outlook offset its fourth-quarter miss, with earnings of $2.69 per share on sales of $2.4 billion falling short of expectations. It forecast first-quarter revenue of $2.5 billion to $2.54 billion, compared with the FactSet consensus estimate $2.5 billion.

10:27 a.m. ET

McDonald’s Tests Buy Point On Earnings

Dow component McDonald’s delivered a fourth-quarter earnings beat. After the report, shares broke out at a buy point of 326.32 from a flat base. The stock began trimming gains, turned lower then moved up again, but traded below the entry.

The fast-food heavyweight posted profit of $3.12 per share and sales came in at $7 billion vs. views of $3.04 per share on $6.84 billion.

9:47 a.m. ET

Nasdaq-100 Winners, Losers: Western Digital, Netflix

Within the Nasdaq-100 index stocks, Western Digital (WDC) and Seagate Technology (STX) jumped 8.5% and 7.8%, respectively, making them some of the best performers just after the market open.

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Meanwhile, Netflix (NFLX) and Take-Two Interactive (TTWO) dropped roughly 2% each in morning trading.

8: 57 a.m. ET

Dow Jones Movers: JPMorgan, Nvidia, Apple

Inside the Dow Jones industrials, JPMorgan Chase (JPM) and Nvidia (NVDA) rallied 0.6% and 1.3%, respectively, in premarket trading. JPMorgan shares are approaching a 337.25 flat-base entry, while Nvidia stock is near a 194.49 early entry.

On the downside, Apple (AAPL) and Caterpillar (CAT) both traded modestly lower in early morning action.

8:40 a.m. ET

Stock Market Today: Surprise Jobless Claims

Early Thursday, the Labor Department said that weekly jobless claims edged down to 227,000 vs. 231,000 in the previous week.

Claims were expected to fall to 215,000, per Econoday.

7:56 a.m. ET

AppLovin, Cisco Dive On Earnings

AppLovin dived 7% even after the company reported stronger-than-expected fourth-quarter results late Wednesday. The company reported EPS of $3.24 on sales of $1.66 billion. FactSet had expected $2.95 per share, with revenue of $1.61 billion.

Meanwhile, Cisco stock plunged nearly 8% premarket Thursday despite beating fiscal second-quarter earnings and revenue estimates, while the company’s current-quarter revenue outlook also came in above views.

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Earnings Movers: Howmet, McDonald’s

Other big earnings movers were Howmet Aerospace (HWM), McDonald’s (MCD), Restaurant Brands (QSR) and Tower Semiconductor (TSEM).

Howmet shares rallied 3.5% in premarket trading, set to hit more record highs, while McDonald’s stock moved up modestly. Shares of Restaurant Brands climbed less than 1%, as Tower shares declined around 1%.

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Stock Market Today: Jobless Claims

The Labor Department’s initial weekly jobless claims are due out at 8:30 a.m. ET. Claims are expected to fall to 215,000 vs. 231,000 in the previous week, per Econoday.

On deck for Friday is the highly anticipated January consumer price index from the Labor Department. The core CPI, which excludes food and energy, is expected to rise 0.3% on the month, with an annual increase of 2.5%.

Funds Plow Money Into AppLovin, Broadcom, Google – And This Top 100 Stock

_Be sure to follow Scott Lehtonen on X _at @IBD_SLehtonen for more on growth stocks, the Dow Jone__s Industrial Average and the stock market today.

Please follow VRamakrishnan on X/Twitter for more news on the stock market today.

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