A slide in technology and consumer-focused companies helped send U.S. stock indexes modestly lower Thursday, offsetting strong energy sector gains.
The Dow Jones industrial average fell 46.23 points, or 0.3 percent, to 18,479.91. The Standard & Poor's 500 index slid 4.86 points, or 0.2 percent, to 2,181.30.
The sell-off in technology stocks weighed on the Nasdaq composite index, which fell 24.44 points, or 0.5 percent, to 5,259.48. The tech-heavy index set all-time highs Tuesday and Wednesday.
A broad swath of retailers, from department stores to fast-food chains, also notched losses, while most of the big gainers were oil production and drilling companies.
A report indicating that fuel stockpiles fell precipitously last week helped energy stocks. The price of U.S. crude also jumped on the report and closed nearly 5 percent higher.
U.S. bond yields also surged, as traders reacted to the European Central Bank's decision to leave its key interest rates unchanged and hold off on extending a stimulus program.
Still, in the absence of any major new economic data, the stock indexes continued a recent pattern of mostly sluggish trading.
"It's been many, many days since we've had a substantive move either to the upside or the downside in the market," said Erik Davidson, chief investment officer for Wells Fargo Private Bank. "It still feels like a holiday week."
Apple slid 2.6 percent a day after the consumer electronics giant introduced its newest slate of products, including a new iPhone that doesn't come with an analog headphone jack. The stock shed $2.84 to $105.52.
Investors also got a dash of technology sector deal news. Hewlett Packard Enterprise agreed to spin off part of its business software unit to Micro Focus in a deal valued at $8.8 billion. The pact calls for HP Enterprise to remain majority owner of the new company. Shares in HP Enterprise slid 71 cents, or 3.2 percent, to $21.38.
All told, technology stocks were the biggest decliner in the S&P 500, shedding 0.9 percent. The sector is up 9.1 percent this year.
Investors hammered retailers Tractor Supply and Pier 1 Imports.
Tractor Supply slumped 16.9 percent after the farming and hardware goods retailer said its business is being hurt by poor economic conditions in rural, energy-producing areas where it does most of its business, and other factors. The stock was the biggest decliner in the S&P 500 index, shedding $14.15 to $69.38.
Pier 1 Imports tumbled 15 percent after the home decor retailer gave weak quarterly guidance and said its president and CEO will leave the company at the end of the year. The stock slid 72 cents to $4.08.
Several oil drilling and production companies rose on the latest oil stockpiles figures, pushing the S&P 500's energy sector 1.7 percent higher. The sector is up 17.4 percent this year.
Chesapeake Energy rose 93 cents, or 13.7 percent, to $7.74, the biggest gainer in the S&P 500 index. Diamond Offshore Drilling gained $1.43, or 9 percent, to $17.40. Murphy Oil climbed $1.90, or 6.8 percent, to $29.75.
Traders also bid up crude oil prices. Benchmark U.S. crude rose $2.12, or 4.7 percent, to close at $47.62 a barrel in New York. Brent crude, used to price international oils, gained $2.01, or 4.2 percent, to $49.99 in London.
Business on 09/09/2016