Wall Street loses ground under the weight of falling technology stocks

NEW YORK (AP) — Wall Street lost ground Thursday as influential technology stocks fell and once again steered the broader market.

The technology sector has been the driving force behind the market’s direction, whether up or down, all week. Thursday’s losses pushed nearly every major index solidly into weekly losses. If that momentum holds on Friday, it would break a three-week winning streak for the S&P 500, the Dow Jones Industrial Average and the Nasdaq composite.

The S&P 500 fell 75.97 points, or 1.1%, to 6,720.32. The Dow fell 398.70 points, or 0.8%, to 46,912.30. The Nasdaq fell 445.80 points, or 1.9%, to 23,053.99.

The biggest weights on the market included Nvidia, which fell 3.7%, and Microsoft, which fell 2%. Their huge values give them outsized influence over the market's direction. Other big stocks dragging down the market included Amazon, which slumped 2.9%.

Corporate earnings and forecasts remained the big focus for Wall Street on Thursday. The latest round of results and statements from executives could help shed some light on the condition and path ahead for the economy amid a lack of broader information on inflation, employment and retail sales because of the ongoing government shutdown.

DoorDash sank 17.5% for one of the sharpest drops on Wall Street. The food delivery app warned investors that it will be spending significantly more on product development next year.

CarMax slumped 24.3% after giving investors a disappointing financial update and announcing that CEO Bill Nash is stepping down in December.

Software company Datadog jumped 23.1% after its latest earnings beat analysts' forecasts. Rockwell Automation rose 2.7% after turning in results that easily beat analysts’ forecasts.

It has been a wobbly week for major indexes, which set record highs last week. The broader stock market has had a record-setting year, but that has raised worries that stocks could be overvalued. Those concerns are even more focused on big technology companies that have been leading the market higher amid the focus on artificial intelligence advancements.

The latest round of earnings is being closely monitored to gauge whether the stock market’s big values are justified. The results are also helping to fill in gaps in information because of the U.S. government shutdown, which is now the longest on record.

Another week of unemployment data was missing Thursday because of the shutdown. It has already resulted in a lack of monthly employment data for September and will likely result in missing employment data for October, along with a lack of data on consumer prices for October.

Outside of company updates, Wall Street is relying more on economic updates from other private sources. Private payrolls rose more than expected in October, according to a report Wednesday from ADP, and the services sector expanded in October, according to the Institute for Supply Management. The data can vary widely, however.

Job cuts in the U.S. surged 175% in October from a year ago, according to a report released Thursday from outplacement firm Challenger, Gray & Christmas. The reasons include softer consumer and corporate spending, rising costs, and the adoption of artificial intelligence.

The absence of updates on the job market and inflation has left the Federal Reserve in the dark at the same time that employment was weakening and inflation heating up. That leaves the central bank in a tough spot. It has to decide whether cutting its benchmark interest rate to counter the economic impact from a weaker job market is worth the risk of worsening inflation.

Lower interest rates can help stimulate the economy by making loans less expensive, but they can also fuel inflation.

“We anticipate the Fed will continue to implement rate cuts to prevent any weakness in employment from accelerating,” said Seema Shah, chief global strategist at Principal Asset Management. “Much of the market’s optimism hinges on the assumption that policymakers will maintain some level of support.”

The Fed has already cut its benchmark interest rate twice this year. It has signaled more caution as it tries to navigate the risks to the economy. Wall Street is forecasting a 71% chance that the central bank cuts interest rates in December, according to CME FedWatch. That's down from more than 90% just prior to the most recent interest rate cut.

The U.S. government shutdown is having a direct impact on airlines, as airports face critical staffing problems. The Federal Aviation Administration will reduce air traffic by 10% starting Friday across 40 “high-volume” markets. American Airlines fell 2%, Delta Air Lines fell 1.2% and United Airlines fell 1%.

European markets fell after a divided Bank of England kept its main interest rate unchanged. Asian markets closed higher.

Treasury yields moved lower in the bond market. The yield on the 10-year Treasury fell to 4.09% from 4.16% late Wednesday. The yield on the two-year Treasury fell to 3.56% from 3.63% late Wednesday.

Options trader Brian Garvey works on the floor of the New York Stock Exchange, Thursday, Nov. 6, 2025. (AP Photo/Richard Drew)

Specialist Meric Greenbaum works on the floor of the New York Stock Exchange, Thursday, Nov. 6, 2025. (AP Photo/Richard Drew)

Trader James Conti works on the floor of the New York Stock Exchange, Thursday, Nov. 6, 2025. (AP Photo/Richard Drew)

Options trader Andrew Longaro works on the floor of the New York Stock Exchange, Wednesday, Nov. 5, 2025. (AP Photo/Richard Drew)

Specialist Anthony Matesic, left, and trader Edward Curran work on the floor of the New York Stock Exchange, Wednesday, Nov. 5, 2025. (AP Photo/Richard Drew)

Cyclists pass an electronic stock board showing Japan's Nikkei index at a securities firm in Tokyo, Thursday, Nov. 6, 2025. (AP Photo/Louise Delmotte)

A pedestrian passes an electronic stock board showing Japan's Nikkei index at a securities firm in Tokyo, Thursday, Nov. 6, 2025. (AP Photo/Louise Delmotte)

Pedestrians pass an electronic stock board showing Japan's Nikkei index at a securities firm in Tokyo, Thursday, Nov. 6, 2025. (AP Photo/Louise Delmotte)

NEW YORK (AP) — Zuby Ejiofor had a career-high eight blocks along with 15 points and nine rebounds, anchoring a strong defensive performance that carried No. 23 St. John's past Mississippi 63-58 on Saturday night at Madison Square Garden.

Ejiofor scored all but two of his points in the second half, and the Red Storm (5-3) held on after leading by 14 with eight minutes remaining. He blocked six shots in the first half to go with three steals.

St. John's limited Ole Miss to 36.4% shooting from the field, including 2 for 16 from 3-point distance (12.5%), and forced 20 turnovers. The Johnnies went 25 of 35 on free throws to 16 of 20 for Mississippi and had a 13-0 advantage in fast-break points, enabling them to win despite shooting 34% from the floor and finishing with more turnovers (20) than field goals (17).

Malik Dia had 18 points and 10 rebounds in 27 minutes off the bench for the Rebels (5-4), who have lost four straight games — all to power-conference opponents. Dia started all 44 of his previous games at Ole Miss.

Ilias Kamardine scored 16 points for Mississippi, and Kezza Giffa added 10 points and seven steals off the bench.

AJ Storr, a 2023 All-Big East Freshman Team selection at St. John's, was booed throughout and scored only two points for Ole Miss. He missed all six of his field goal attempts.

Storr is playing for his fourth Power Five program in four years. He entered averaging 13.8 points per game, tied with Kamardine for the team lead.

The only previous meeting between the schools came on the St. John's campus in the first round of the 1989 National Invitation Tournament won by the Johnnies.

It was Mississippi's first game at The Garden since a 68-63 loss to Dayton in the semifinals of the 2010 NIT.

Mississippi plays Southern Miss next Saturday in Biloxi, Mississippi.

St. John's is back at MSG next Saturday to host local foe Iona, the suburban MAAC school where coach Rick Pitino spent three seasons before jumping to the Red Storm.

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St. John's forward Zuby Ejiofor (24) reacts after making a three-point basket against Auburn during the second half of an NCAA college basketball game in the Players Era tournament Wednesday, Nov. 26, 2025, in Las Vegas. (AP Photo/Steve Marcus)