Investors’ concerns over the Federal Reserve’s future monetary policy decisions led to a decline in the stock market on Thursday, offsetting the positive effect of the most recent batch of corporate earnings reports. The Dow Jones Industrial Average lost 249.13 points, or 0.73 percent, to finish the day at 33,699.88, while the S&P 500 sank 0.9% to 4,081.50 and the Nasdaq Composite dropped 1.02% to 11,789.58.
The loss was ascribed to the falling stock prices of Alphabet (GOOGL:NSD), the parent company of Google, and Meta (META:NSD), as well as investors’ apprehension over the Fed’s comments and disappointing quarterly results.
Despite favorable results from Walt Disney (DIS:NYE) and PepsiCo (PEP:NSD), about 70% of S&P 500 businesses that have reported earnings to date have fallen short of analyst estimates.
