Dow closes more than 500 points lower and tech rout continues

The Dow ended the day lower by 533 points, or 1.3%, retreating from a record high reached a day ago. The S&P 500 fell 0.8%. The Nasdaq Composite fell 0.7%, extending its losses after logging its worst day since 2022 on Wednesday. “A correction was overdue and no one will be surprised if the market regains its momentum by the end of earnings season,” wrote Louis Navellier, chairman of Navellier & Associates, in a Thursday note.

The shift comes after cooling inflation data and stronger-than-expected retail sales data bolstered expectations that the Federal Reserve will begin cutting sky-high interest rates as soon as September. Shares of smaller companies that tend to do well in a lower-rate environment began rallying last week, helping the Dow reach fresh highs. But small-cap stocks have pared back their gains in recent sessions: The Russell 2000, which tracks the performance of US small caps, fell 1.8% on Thursday.

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