Stock market today: Wall Street weakens as its post-election boom slows some more

NEW YORK (AP) — U.S. stocks slipped Thursday as the market’s big burst following Donald Trump’s election continued to cool.

The S&P 500 fell 0.6%, though it’s still near its all-time high set on Monday. The Dow Jones Industrial Average dropped 207 points, or 0.5%, and the Nasdaq composite sank 0.6%.

Cisco Systems’ 2.1% drop weighed on the market, even though the tech giant reported stronger profit for the latest quarter than analysts expected. Investors may have been looking for it to raise its financial forecasts more, analysts suggested.

The stock market broadly has been rising faster than corporate profits, which raises the volume on criticism from skeptics that it’s gotten too expensive. The S&P 500 is still up nearly 25% for the year so far, on top of last year’s leap of 24.2%.

Some of the stocks that got the biggest bump from Trump’s election also lost momentum. Tesla fell 5.8% for just its second loss since Election Day. It’s run by Elon Musk, who has become a close Trump ally.

Smaller stocks also fell harder than the rest of the market, and the Russell 2000 index of small stocks lost 1.4%. It’s a turnaround from the election’s immediate aftermath, when the thought was that an “America First” president would benefit domestically focused companies more than big multinationals that could be hurt by tariffs and trade wars.

Even though Republicans have swept control of the White House, Senate and House of Representatives, which could give them more leeway to push through their policies, “promises made on the campaign trail may not be implemented immediately, with final legislation likely to be a pared-down version of the original proposals,” according to Solita Marcelli, chief investment officer, Americas, at UBS Global Wealth Management.

Stocks also felt the effects of swinging yields in the bond market following the latest hotter-than-expected economic reports and comments from Federal Reserve Chair Jerome Powell. The Fed just cut its main interest rate earlier this month for the second time this year to ease the pressure on the economy, and investors are eager for more.

But short-term yields climbed after Powell said, “The economy is not sending any signals that we need to be in a hurry to lower rates. The strength we are currently seeing in the economy gives us the ability to approach our decisions carefully.”

The two-year Treasury yield, which closely tracks expectations for Fed action, rose to 4.35% from 4.28% late Wednesday.

Earlier in the day, it had wavered after a report showed prices paid at the U.S. wholesale level were 2.4% higher in October from a year earlier. That was an acceleration from September’s 1.9% wholesale inflation rate and a worse jump than economists expected.

A separate report, meanwhile, suggested the U.S. job market remains solid. Fewer U.S. workers applied for unemployment benefits last week in the latest signal that layoffs aren’t taking off.

The yield on the 10-year Treasury also swiveled up and down before sitting at 4.45%, where it was late Wednesday.

On Wall Street , Super Micro Computer tumbled 11.4 % for one of the worst losses in the S&P 500 after telling U.S. regulators it needs more time to file its financial statements for the latest quarter, which ended in September.

The server maker’s stock has been one of the biggest winners of the artificial-intelligence boom, but it’s struggled recently, particularly after Ernst & Young resigned as its public accounting firm. A special committee of the company’s board has since said that a three-month investigation found “no evidence of fraud or misconduct on the part of management or the Board of Directors.”

Helping to keep Wall Street’s losses in check was The Walt Disney Co., which rose 6.2% after the entertainment giant reported stronger profit for the latest quarter than analysts expected. CEO Robert Iger credited improved profits at its streaming businesses and strong box-office results for its movies, including “Inside Out 2” and “Deadpool & Wolverine,” among other things.

Tapestry shares climbed 12.8% after the luxury fashion company said it’s terminating its merger with Capri, another luxury brand owner. The companies agreed to an $8.5 billion deal last year to unite the makers of Coach and Michael Kors handbags, but the tie-up faced numerous challenges, including a lawsuit from the Federal Trade Commission to block the deal on antitrust grounds.

Capri shares rose 4.4%.

ASML, a major supplier to the global chip industry, also gave some encouraging signals for technology stocks. The Dutch company said it expects global semiconductor sales to top $1 trillion by 2030, with the help of demand related to artificial-intelligence technology, and it stood by its long-term financial forecasts. ASML shares that trade in the United States rose 2.9%.

All told, the S&P 500 fell 36.21 points to 5,949.17. The Dow dropped 207.33 to 43,750.86, and the Nasdaq composite sank 123.07 to 19,107.65.

In stock markets abroad, European indexes rose, including a 1.4% jump for Germany’s DAX. Asian markets were mixed, meanwhile. Hong Kong’s Hang Seng dropped 2%, but South Korea’s Kospi added 0.1%.

AP Business Writers Matt Ott and Elaine Kurtenbach contributed.

People pass the New York Stock Exchange, right, on Wednesday, Nov. 13, 2024, in New York. (AP Photo/Peter Morgan)

FILE - A sign marking the intersection of Broadway and Wall Street is shown in New York's Financial District on Oct. 30, 2024. (AP Photo/Peter Morgan, File)

Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Nov. 14, 2024. (AP Photo/Ahn Young-joon)

A currency trader passes by a screen showing the Korea Composite Stock Price Index (KOSPI), left, and the foreign exchange rate between U.S. dollar and South Korean won at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Nov. 14, 2024. (AP Photo/Ahn Young-joon)

Currency traders work at the foreign exchange dealing room of the KEB Hana Bank headquarters in Seoul, South Korea, Thursday, Nov. 14, 2024. (AP Photo/Ahn Young-joon)

LOS ANGELES (AP) — A Hawaii woman who vanished after landing in Los Angeles three weeks ago disappeared voluntarily as she sought to “step away from modern connectivity” and was last seen crossing into Mexico with her luggage, police said at a news conference where they urged her to contact her distraught family.

Hannah Kobayashi, 30, appeared unharmed as she walked alone into a tunnel at the San Ysidro crossing about 125 miles (201 kilometers) southeast of Los Angeles around noon on Nov. 12, the day after her family reported her missing, LA police said Monday. Authorities made the discovery after reviewing surveillance video from the U.S. Customs and Border Protection late Sunday.

Los Angeles Police Chief Jim McDonnell said there is no evidence Kobayashi was being trafficked or was otherwise a victim of a crime. Her disappearance is now classified as a “voluntary missing person.”

“We’ve basically done everything we can do at this point. She’s left the country and in another nation now,” he said, adding that if she returns to the U.S., law enforcement will be notified.

McDonnell said she has a right to her privacy, but urged her to reach out to her family or law enforcement.

“A simple message could reassure those who care about her,” McDonnell said. He explained that the missing person case will remain active until her safety is confirmed by law enforcement.

Kobayashi went missing after the budding photographer from Maui didn’t make a connecting flight to New York on Nov. 8 to travel for a new job and to visit relatives. She told her family she would sleep in the Los Angeles International Airport that night.

Family members assumed she was on standby for another flight, according to her aunt, Larie Pidgeon. The next day, Kobayashi texted them to say she was sightseeing in Los Angeles, planning to visit The Grove shopping mall and downtown LA, Pidgeon said.

On Nov. 11, the family received “strange and cryptic, just alarming” text messages from her phone that referenced her being “intercepted” as she got on a Metro train and being scared that someone might be stealing her identity, her aunt said.

Her father, Ryan Kobayashi, who had been in the search party along with volunteers, was found dead by apparent suicide on Sunday, Nov. 24, in a parking lot near LA International Airport, police and her family said.

McDonnell said during a police commission meeting last Tuesday that detectives determined Hannah Kobayashi missed her connecting flight intentionally. Kobayashi's sister, Sydni Kobayashi, disputed his statement in a social media post.

Police said Monday that after Hannah Kobayashi was seen in various locations around LA, she requested that her luggage, which had been checked to New York, be sent back to LAX. She then returned to the airport to retrieve it on Nov. 11 and did not have her phone when she left again, according to police.

Investigators found that she had “expressed the desire to step away from modern connectivity."

Police also identified and questioned a man that Kobayashi was seen with on the Metro. He was “cooperative” and said he met her at LAX, police said.

Sydni Kobayashi did not immediately respond to an emailed request for comment. Members of the public who were in the “Help Us Find Hannah” Facebook group, which garnered the interest of more than 25,000 participants, shared a post from the group Monday that said the family would be shutting the group down after “threats against their lives and the lives of their small children.”

The post also said Sydni Kobayashi and her mother would not be responding to any messages.

During the news conference, McDonnell reflected on all that the family had endured these last few weeks.

“My ask would be to anybody considering doing this, think about the people you’re leaving behind, your loved ones who are going to be worried sick about you,” he said.

The story has been updated to correct the location of San Ysidro to southeast of Los Angeles, not southwest.

EDITOR’S NOTE — This story includes discussion of suicide. If you or someone you know needs help, the national suicide and crisis lifeline in the U.S. is available by calling or texting 988. There is also an online chat at 988lifeline.org.

Golden reported from Seattle.

Ryan Kobayashi, center, holds a picture of his missing daughter Hannah Kobayashi outside Crypto.com Arena, Thursday, Nov. 21, 2024 in Los Angeles. (AP Photo/Damian Dovarganes)